69 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 37 9. Taxation Taxation comprised the following: 2022 2021 Current tax expense $ 61,139 96,208 Deferred tax charge 26,383 2,024 Tax expense $ 87,522 98,232 The tax on the Group’s profit before taxation differs from the theoretical amount that would arise using the statutory rate of corporation tax as follows: 2022 2021 Net income before taxation $ 11,224,299 9,624,400 Tax calculated at a rate of 5.50% (2021 – 5.50%) 617,336 529,342 Income not subject to tax (462,908) (367,075) Effect of different tax rates 337 (9,834) Deferred tax asset not recognized 73,380 82,746 Items not deductible for tax purposes (123,956) (136,947) Prior year’s under provision of taxes (8,794) - Tax expense $ 87,522 98,232 Deferred taxation The movement of deferred tax liability is as follows: 2022 2021 Beginning of the year $ 68,076 66,052 Deferred tax charge 26,383 2,024 End of year $ 94,459 68,076 The deferred tax asset not recognised comprises tax losses and accelerated tax depreciation of the St. Lucia Branch and tax losses of BPW Financial Holdings Inc.
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