Consolidated Annual Report 2015

39 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 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) 26 7. Tax on Assets…(continued) Capita Financial Services Inc., being a deposit-taking licensee, was also impacted by the Act. Effective June 1, 2014, entities licensed under Section 22 of the Financial Institutions Act, Cap 324A with total gross assets of which is $40 million or more and accepts deposits from third parties, shall pay by the 15 th of the sixth (6 th ) month after each assessment quarter, a levy of 0.20% per annum on the average domestic assets of the deposit taking licensee. Tax on assets expense for the year amounted to $1,604,120. 8. Taxation The corporation tax charge for the year is as follows: 2015 2014 Current tax expense $ 117,077 167,227 Under accrual of prior year taxes 16,396 - Deferred tax charge 2,256 52,459 Tax expense $ 135,729 219,686 The tax on the Groupʼs income before taxation differs from the theoretical amount that would arise using the statutory rate of corporation tax as follows: 2015 2014 Income before taxation $ 9,777,286 11,347,099 Tax calculated at a rate of 25% (2014 - 25%) 2,444,322 2,836,775 Income not subject to tax (2,334,089) (2,708,984) Effect of different tax rates (13,221) (8,208) Expenses not deductible for tax 21,020 37,728 Movement on deferred tax asset not recognised 1,301 28,698 Prior yearʼs under provision of taxes 16,396 - Other - 33,677 Tax expense $ 135,729 219,686