76 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 36 8 Tax on Assets The Group’s subsidiary CAPITA Financial Services Inc, being a deposit-taking licensee, is required to pay tax on its assets effective from June 1, 2016 for entities licensed under Section 22 of the Financial Institutions Act, Cap 324A. The Act states that a deposit taking licensee with total gross assets of $40 million or more and accepts deposits from third parties, shall pay by the 15th of the sixth (6th) month after each assessment quarter, a levy of 0.20% per annum on the average domestic assets of the deposit taking licensee. In the financial year 2017, the levy was increased to 0.35%. Tax on assets expense incurred by the Group for the financial year ended March 31, 2024 amounted to $960,000 (2023 - $879,925). 9 Taxation Taxation comprised the following: 2024 $ 2023 $ Current tax expense 46,536 112,234 Over provision of prior year current tax (4,732) – Deferred tax charge/(release) 53,196 (52,284) Tax expense 95,000 59,950 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: 2024 $ 2023 $ Net income before taxation 10,206,027 7,705,000 Tax calculated at a rate of 4.72% - 7.85% (2023 - 2.0% - 5.17%) 76,970 67,212 Income not subject to tax (2,720) (80,757) Change in tax rate 54,037 (21,600) Effect of different tax rates 748 662 Deferred tax asset not recognized 70,049 104,932 Items not deductible for tax purposes (90,213) (115,614) Tax loss not recognized (9,139) 69,695 Prior years (under)/over provision of taxes (4,732) 35,420 Tax expense 95,000 59,950
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