BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
40
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)
27
8.
Taxation…(continued)
Deferred taxation
2015
2014
Beginning of the year
$
81,785
29,326
Deferred tax charge
2,256
52,459
End of year
$
84,041
81,785
The deferred tax liability consists of accelerated tax depreciation. The deferred tax asset not recognised
comprises losses and accelerated tax depreciation of the St. Lucia Branch of a subsidiary.
The accumulated losses for tax purposes which may be carried forward and set off against future taxable
income as follows:
Year of
Losses
Losses
Expiry
Loss
B/fwd
Incurred
Utilised
Expired
C/Fwd
Date
2009
$
97,383
-
11,721
85,662
-
2015
2010
44,017
-
-
-
44,017
2016
2011
57,777
-
-
-
57,777
2017
2012
205,852
-
-
-
205,852
2018
2013
45,474
-
-
-
45,474
2019
2014
102,616
-
-
-
102,616
2020
2015
-
-
-
-
-
$ 553,119
-
11,721
85,662
455,736
These losses are as computed by the subsidiary in its corporation tax returns and have as yet neither
been confirmed nor disputed by the Commissioner of Inland Revenue.
9.
Distributions to Members
Distributions to members include a dividend of $0.231 (2014 - $0.233) per share amounting to $393,544
(2014 - $372,400) and interest rebate amounting to $1,564,953 (2014 - $1,516,008).
