70 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2026 (expressed in Barbados dollars) 38 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 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 0.35% per annum on the average domestic assets of the deposit taking licensee. Tax on assets expense incurred by the Group for the financial year ended March 31, 2026 amounted to $986,897 (2025 - $1,014,502). 9 Taxation Taxation comprised the following: 2026 $ 2025 $ Current tax expense 165,444 159,726 Deferred tax charge 12,166 994 Tax expense 177,610 160,720 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: 2026 $ 2025 $ Net income before taxation 10,245,111 6,179,159 Taxation at the applicable rates on income subject to tax 2% - 9% (2025 - 4.72% - 9%) (112,969) 112,393 Income not subject to tax – (1,138) Items not deductible in determining taxable profits 6,739 – Items deductible in determining taxable profits (47,691) – Deferred tax asset not recognized 358,873 112,114 Group loss relief (7,178) – Tax loss not recognized – (47,134) Prior years over provision of taxes (20,164) (15,515) Tax expense 177,610 160,720
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