Page 125

Notes to Consolidated Financial Statements - 80 No deferred tax assets were recognized for the following temporary differences, unused tax credits from excess MCIT and unused NOLCO of ALPHA and certain subsidiaries as it is not probable that sufficient taxable profit will be available to allow the benefit of the net deferred tax assets to be utilized in the future: NOLCO Retirement benefits obligation Allowance for probable losses Gain on real estate sale MCIT Unearned income Unrealized foreign exchange losses (gains) Accrued rent

2013 P =333,694,524 19,192,925 5,852,085 1,578,357 426,212 388,600 145,990 87,096 P =361,365,789

2012 =413,193,246 P 21,719,332 5,852,085 – 15,945,611 – (228,945) – =456,481,329 P

As of December 31, 2013 and 2012, the Group has NOLCO and MCIT that can be claimed as deduction from future taxable income and income tax liabilities, respectively, as follows: Year Incurred 2011 2012 2013

Year of Expiry 2014 2015 2016

NOLCO 37,524,720 134,685,797 161,484,007 =333,694,524 P

MCIT – 379,433 46,779 =426,212 P

The following are the movements in NOLCO and MCIT: NOLCO Balances at beginning of year Additions Applied Expired Balances at end of year

2013 P =413,193,246 161,484,007 (186,322,524) (54,660,205) P =333,694,524

2012 =394,571,028 P 179,636,286 – (161,014,068) =413,193,246 P

2013 P =15,945,611 46,779 (15,566,178) – P =426,212

2012 =7,194,717 P 8,757,459 – (6,565) =15,945,611 P

MCIT Balances at beginning of year Additions Applied Expired Balances at end of year

125

Profile for Alphaland Corporate Communications

Alphaland Annual Report 2013  

Alphaland Annual Report 2013  

Profile for alphaland
Advertisement