KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2013
F-51
Corporation tax
8,387
8,700
Tax on profit on ordinary activities
8,387
8,700
Corporation tax in the Company’s country of domicile is calculated at 0% (2012: 0%) on assessable profits, this
rate being the applicable statutory tax rate for international businesses that are tax resident in Jersey.
Taxation for other jurisdictions are calculated at the rates prevailing in the respective jurisdictions.
Factors affecting the tax charge for the period
The difference between the amount of total tax shown above and the amount calculated by applying the standard
rate of Jersey corporation tax to the profit before tax is as follows:
2013
(Restated)
2012
USD 000’s
USD 000’s
Profit on ordinary activities before tax
28,544
78,065
Tax on Company profit on ordinary activities at corporation tax rate of
0%
-
-
Effects of:
Effect of different tax rates of subsidiaries operating in other
jurisdictions
8,387
8,700
Income not taxable or expenses not deductible
-
-
Total tax charge for the year
8,387
8,700
Deferred taxation
2013
2012
Deferred taxation is comprised as follows:
USD 000’s
USD 000’s
Deferred tax asset arising on the recognition of tax losses
-
8,404
Deferred tax liability on fixed asset temporary differences
-
(24,053)
-
(15,649)
During the current year, deferred tax assets and liabilities pertaining to Russia and Ukraine have been reclassified
to assets and liabilities held for sale together with other assets and liabilities of Russia and Ukraine (see note 14).
There are no material unrecognised deferred tax assets at either year end, nor any material un provided deferred
tax arising on the unremitted earnings of subsidiaries.
