200
Annual Report
2013
Ratchaburi Electricity Generating Holding Public Company Limited and its subsidiaries
Notes to the financial statements
79
Reconciliation of effective tax rate
Consolidated financial statements
2013
2012
Rate
(%)
(in thousand
Baht)
Rate
(%)
(in thousand
Baht)
Profit before total income tax expense
7,475,365
8,823,819
Income tax using the Thai corporation tax rate
20
1,495,073
23
2,029,478
Effect from income not subject to tax-dividend
income
(1,036,795)
(2,149,239)
Effect from expense not deductible for tax
purposes and income and expense recognised in
the different period between accounting and tax
14,200
-
Under (over) provided in prior years
(4,561)
(95,540)
Current year losses for which no deferred
tax asset was recognised
69,699
20,414
Derecognition of previously recognised
unutilised tax losses
-
65,900
Effect of the different basis of income tax
calculation in other countries
756,117
1,016,223
Total
17
1,293,733
10
887,236
Separate financial statements
2013
2012
Rate
(%)
(in thousand
Baht)
Rate
(%)
(in thousand
Baht)
Profit before income tax expense
4,793,197
4,830,157
Income tax using the Thai corporation tax rate
20
958,639
23
1,110,936
Effect from income not subject to tax-dividend
income
(1,036,795)
(1,132,865)
Effect from expense not deductible for tax
purposes and income and expense recognised in
the different period between accounting and tax
8,610
-
Current year losses for which no deferred
tax asset was recognised
67,183
20,414
Derecognition of previously recognised
unutilised tax losses
-
65,900
Total
-
(2,363)
1
64,385
Income tax reduction
Royal Decree No. 530 B.E. 2554 dated 21 December 2011 grants a reduction in the corporate income
tax rate for the three accounting periods 2012, 2013 and 2014; from 30% to 23% for the accounting
period 2012 which begins on or after 1 January 2012 and to 20% for the following two accounting
periods 2013 and 2014 which begin on or after 1 January 2013 and 2014, respectively.
It is understood that the Government will proceed to amend the law in order to maintain the corporate
income tax rate at not higher than 20% for the accounting period which begins on or after 1 January 2015
and onwards in order to give full effect to the Cabinet resolution dated 11 October 2011 to increase
Thailand’s tax competitiveness.
otes to the financial statements
Ratchaburi Electricity Generating Holding Public Company Limited and its subsidiaries
