Deffered tax liabilities3 May 2022 20:16
Been looking through the last couple reports looking for deffered tax liabilities as I was wondering, with the $40M deffered charge paid in q1, how many more potential payments may there be?
*From the 2020 accounts I have found;
The Group's tax charge for 2020 was $5.1 million, compared to $29.1 million for 2019.
The tax charge is made up of a deferred tax credit of $8.5 million and a current tax charge of $13.6 million. The deferred tax credit is mainly driven by the unutilised capital allowances and unutilised tax losses for the period. The estimated effective tax rate used for the year ended 31 December 2020 was 6% (2019: 10%). The reduction in the effective tax rate was principally due to the recognition of tax losses available for utilisation against future profit.
In May 2015, in line with sections of the Companies Income Tax Act, which provides incentives to companies that deliver gas utilisation projects, Seplat was granted a three-year tax holiday with a possible extension of two years. In 2018, upon review of the performance of the business, the Group provided a notification to the Federal Inland Revenue Service (FIRS) for the extension of claim for the additional two-year tax holiday. Effective May 2020, the five-year tax holiday benefit for the gas business ended and the financial statements have been prepared on this basis.
*And added to the 2021 results is this table;
14.1 Deferred tax
The analysis of deferred tax assets and deferred tax liabilities is as follows:
As at31 March 2022
As at31 Dec 2021
As at31 March 2022
As at31 Dec 2021
?'million
?'million
$'000
$'000
Deferred tax assets
Deferred tax asset to be recovered in less than 12 months
40,703
40,280
97,785
97,785
Deferred tax asset to be recovered after more than 12 months
392,782
388,706
943,621
943,621
433,485
428,986
1,041,406
1,041,406
As at31 March 2022
As at31 Dec 2021
As at31 March 2022
As at31 Dec 2021
?'million
?'million
$'000
$'000
Deferred tax liabilities
Deferred tax liabilities to be settled in less than 12 months
(117,085)
(121,995)
(281,286)
(296,156)
Deferred tax liabilities to be settled after more than 12 months
(248,670)
(221,184)
(597,406)
(536,945)
(365,755)
(343,179)
(878,693)
(833,101)
Net deferred tax asset
67,730
85,807
162,713
208,305
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