39
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
26
7. Tax on Assets…(continued)
Capita Financial Services Inc., being a deposit-taking licensee, was also impacted by the Act. Effective
June 1, 2014, entities licensed under Section 22 of the Financial Institutions Act, Cap 324A with total
gross assets of which is $40 million or more and accepts deposits from third parties, shall pay by the
15
th
of the sixth (6
th
) month after each assessment quarter, a levy of 0.20% per annum on the average
domestic assets of the deposit taking licensee.
Tax on assets expense for the year amounted to $1,604,120.
8.
Taxation
The corporation tax charge for the year is as follows:
2015
2014
Current tax expense
$
117,077
167,227
Under accrual of prior year taxes
16,396
-
Deferred tax charge
2,256
52,459
Tax expense
$
135,729
219,686
The tax on the Groupʼs income before taxation differs from the theoretical amount that would arise using
the statutory rate of corporation tax as follows:
2015
2014
Income before taxation
$ 9,777,286
11,347,099
Tax calculated at a rate of 25% (2014 - 25%)
2,444,322
2,836,775
Income not subject to tax
(2,334,089)
(2,708,984)
Effect of different tax rates
(13,221)
(8,208)
Expenses not deductible for tax
21,020
37,728
Movement on deferred tax asset not recognised
1,301
28,698
Prior yearʼs under provision of taxes
16,396
-
Other
-
33,677
Tax expense
$
135,729
219,686
