Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 42 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2014 (Expressed in Barbados dollars) 28 7. Taxation The corporation tax charge for the year is as follows: 2014 2013 Current tax expense $ 167,227 295,983 Under accrual of prior year taxes - 4,831 Deferred tax charge 52,459 20,267 Tax expense $ 219,686 321,081 The tax on the Group’s income before taxation differs from the theoretical amount that would arise using the statutory rate of corporation tax as follows: 2014 2013 Restated* Income before taxation $ 11,347,099 13,125,642 Tax calculated at a rate of 25% (2013 - 25%) 2,836,775 3,281,410 Income not subject to tax (2,708,984) (2,986,867) Effect of different tax rates (8,208) (12,094) Expenses not deductible for tax 37,728 29,335 Movement on deferred tax asset not recognised 28,698 14,328 Prior year’s under (over) provision of taxes - 4,831 Losses utilized - (46,563) Other 33,677 36,701 Tax expense $ 219,686 321,081 * See Note 2.4 (iii) Deferred taxation 2014 2013 Beginning of the year $ 29,326 9,059 Deferred tax charge 52,459 20,267 End of year $ 81,785 29,326