INCOME TAX EXPENSE. Interim corporate income tax was calculated on profit before income tax for the period, using the estimated effective tax rate for the year. Income tax expenses for the three-month and six-month periods ended June 30, 2021 and 2020 are as follows: (Unit: Thousand Baht) For the three-month periods ended June 30, Consolidated financial statements Separate financial statements 2021 2020 2021 2020 Current income tax: Interim current income tax (431) 24,367 (531) 24,367 Deferred tax: Relating to origination and reversal of temporary differences (541) 318 (498) 336 Income tax expenses reported in profit or loss (972) 24,685 (1,029) 24,703 (Unit: Thousand Baht) For the six-month periods ended June 30, Consolidated financial statements Separate financial statements 0000 0000 0000 2020 Current income tax: Interim current income tax 28,104 56,454 28,004 56,454 Deferred tax: Relating to origination and reversal of temporary differences (1,178) (3,501) (983) (3,624) Income tax expenses reported in profit or loss 26,926 52,953 27,021 52,830 The amounts of income tax relating to each component of other comprehensive income for the six- month periods ended June 30, 2021 and 2020 are as follows: (Unit: Thousand Baht) For the six-month periods ended June 30, Consolidated financial statements Separate financial statement 2021 2020 2021 2020 Deferred tax relating to the actuarial gains 780 - 636 - Income tax expenses reported in statements of comprehensive income 780 - 636 - The components of deferred tax assets are as follows: (Unit: Thousand Baht) Consolidated financial statements Separate financial statements As at June 30, 2021 As at December 31, 2020 As at June 30, 2021 As at December 31, 2020 Deferred tax assets Allowance for expected credit losses 11,650 10,855 11,629 10,834 Provision for long-term employee benefits 3,183 3,868 2,853 3,589 Unrealised fair value loss on derivatives 598 178 598 178 Lease agreement 226 173 226 173 Deferred tax liabilities Deferred debenture issuing costs (5,431) (5,246) (5,431) (5,246) Total deferred tax assets, net 10,226 9,828 9,875 9,528
INCOME TAX EXPENSE. As Xxxxx was treated as a non-taxable partnership for federal and generally state income tax purposes, during the year ended December 31, 2016 (and there was no income tax expenses incurred for Canadian Corporate income tax nor Texas margin base purposes), we have not applied an income tax expense adjustment to the pro forma statement of operations and comprehensive (loss) for the year ended December 31, 2016 or the six months ended June 30, 2016. For the pro forma statement of operations for the six months ended June 30, 2017, Xxxxx is treated as a taxable corporation for income tax purposes and we have applied Xxxxx’x effective tax rate for the period of (2.65)% to the pretax loss of RockPile as adjusted for the pro forma statement of operations and comprehensive (loss). The effective tax rate differs from the statutory rate primarily due to a valuation allowance.
INCOME TAX EXPENSE. 31.1 Major components of income tax expense for the years ended December 31, 2019 and 2018 consisted of: Baht Consolidated financial statements Separate financial statements 2019 2018 2019 2018 Income tax expense shown in profit or loss : Current tax expense: Income tax expense for the year 66,391,014 58,961,346 52,348,504 48,268,416 Deferred tax expense : Changes in temporary differences relating to the original recognition and reversal (6,803,317) (1,139,467) (5,100,244) (531,915) Total 59,587,697 57,821,879 47,248,260 47,736,501 Income tax relating to components of other comprehensive income : Deferred tax relating to : Actuarial gains (losses) arising from post- employee benefit (516,655) 6,206,462 (466,516) 3,816,300 (516,655) 6,206,462 (466,516) 3,816,300 In addition, for the years ended December 31, 2019 and 2018, the Company has transferred the deferred tax at the amount of Baht 1.32 million and Baht 1.32 million, respectively, from retained earnings to revaluation reserve. This amount relates to the difference between the actual depreciation based on the fixed assets and equivalent depreciation based on the cost of the fixed assets.
INCOME TAX EXPENSE. (INCOME)
INCOME TAX EXPENSE. Pursuant to the Concession Contract, the Concessionaire was exempt from the payment of income tax until June 2004.
INCOME TAX EXPENSE. Prior to the Merger, Mxxxxxx was a subchapter S corporation for U.S. federal and state income tax purposes. Accordingly, Mxxxxxx’s taxable earnings were reported on the individual income tax returns of the stockholders who were responsible for payment of the related income tax liabilities. Therefore, all of Mxxxxxx’s income tax expense recognized in its historical financial statements is attributable to foreign jurisdictions for the nine months ended September 30, 2018 and the year ended December 31, 2017. Pursuant to the Merger, Mxxxxxx’s subchapter S income tax status was terminated on the Closing Date. For purposes of the unaudited pro forma condensed combined statements of operations, the Company calculated the U.S. federal and state income tax expense as if the subchapter S income tax status had been terminated on January 1, 2017. Due to Mxxxxxx’s significant foreign tax credits generated for the year ended December 31, 2017 and the nine months ended September 30, 2018, the results of these calculations indicated that no U.S. federal and state income tax expense would have been incurred on a pro forma basis. In addition, the Company determined that a valuation allowance would have been recognized for the entire amount of any U.S. federal and state income tax benefits generated on a pro forma basis. Accordingly, no pro forma adjustment to income tax expense was recognized in the unaudited pro forma condensed combined statements of operations. NEW AGE BEVERAGES CORPORATION NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
INCOME TAX EXPENSE. (2,746,021) — — — (2,746,021) — — (2,746,021) — Combined Company Stock that would be received by AppHarvest’s equity holders, approximately 45.6 million would be allocated to holders of common and preferred stock and 4.4 million would be
INCOME TAX EXPENSE. Major components of income tax expense for the three-month period ended March 31, 2020 and 2019 consisted of: Baht Consolidated financial statements Separate financial statements 2020 2019 2020 2019 Income tax expense shown in profit or loss: Current tax expense: Income tax expense for the period 4,090,349.16 1,619,588.13 3,337,257.40 1,150,508.95 Deferred tax expense (income): Changes in temporary differences relating to the original recognition and reversal 88,207.65 (936,019.52) (103,787.18) (161,563.72) Total 4,178,556.81 683,568.61 3,233,470.22 988,945.23
INCOME TAX EXPENSE. Income tax expense for the year ended December 31, 1999 consists of the following (in thousands): Federal: Current $ 4,288 Deferred (1,106 ) Total 3,182 State: Current 1,008 Deferred (256 ) Total 752 Foreign (190 ) Total federal, state and foreign income tax expense $ 3,744 Income tax expense for the year ended December 31, 1999 differs from the amounts estimated by applying the statutory income tax rates to income before income tax expense as follows: Federal tax at statutory rate 35.00 % State tax at statutory rate, net of federal tax benefits 4.90 Effect of other non-deductible expenses 0.70 Other 1.80 42.40 % Deferred income taxes result from temporary differences between years in the recognition of certain expense items for income tax and financial reporting purposes. The source and income tax effect of these differences as of December 31, 1999 are as follows (in thousands): Deferred tax assets: Allowance for uncollectible receivables 441 Book depreciation in excess of tax depreciation 169 Total deferred tax assets 610 Deferred tax liabilities: State income taxes $ (37 ) Net deferred tax assets $ 573 The Company has not recorded a valuation allowance as management believes it is more likely than not that the net deferred tax asset is recoverable through the results of future operations.
INCOME TAX EXPENSE. Income tax expense: Tax credits recognized during the year mainly comprise Research tax credits totaling €0.8 million and Foreign tax credits totaling €1.7 million.
