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Escher Group Holdings plc
Annual report 2011
40
for the year ended 31 December 2011
Notes to the consolidated financial statements
continued
10. Income tax expense
(a) Recognised in the income statement
2011
US$’000
2010
US$’000
Current income tax
Irish corporation tax at 12.5%
228
234
Foreign corporation tax
672
671
Adjustments in respect of current income tax of previous years
(213)
(280)
Total current tax
687
625
Deferred tax
Origination and reversal of temporary differences
(143)
144
Total income tax charge recognised in the income statement
544
769
(b) Reconciliation of the total actual tax charge
The tax charge in the income statement for the year differs from the standard rate of corporation tax in the Republic of Ireland
of 12.5%. The differences are reconciled below:
2011
US$’000
2010
US$’000
Profit before taxation
1,147
2,236
Tax calculated at the Irish standard rate of corporation tax of 12.5%
143
280
Effects of:
Income taxable at higher rates in other jurisdictions
360
424
Expenses not deductible for tax purposes
259
347
Other adjustments
(5)
(2)
Adjustment in respect of current income tax of previous years
(213)
(280)
Total income tax charge
544
769
(c) Deferred tax
The deferred tax included in the statement of financial position is as follows:
2011
US$’000
2010
US$’000
Deferred tax assets
Deferred revenue
—
70
Derivative financial instruments
—
23
Unrealised foreign exchange transactions
182
154
Other
(12)
49
170
296
Deferred tax liabilities
Temporary differences on intangible assets
141
124