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CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009
80 Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
16 Income tax (credit )/expense
(a) Income tax (credit)/expense in the consolidated income statement
2009 2008
RMB million RMB million
PRC income tax Provision for the year 90 25
Over-provision in prior year – (6)
90 19
Deferred tax (Note 28) Origination and reversal of temporary differences 327 232
Utilisation of unused tax losses and deductible temporary differences not recognised in prior year (Note 16(b)) (512) –
Effect on deferred tax balances resulting from a change in tax rate – (189)
(185) 43
Income tax (credit)/expense (95) 62
In respect of the Group’s overseas airline activities, the Group has either obtained exemptions from overseas taxation
pursuant to the bilateral aviation agreements between the overseas governments and the PRC government, or has sustained tax losses in these overseas jurisdictions. Accordingly, no provision for overseas tax has been made for both the current and prior years.
The Corporate Income Tax Law of the PRC (“new tax law”) took effect on 1 January 2008 and the statutory income
tax rate adopted by the Company and its subsidiaries has been changed from 33% to 25% with effect from 1 January
2008.
Pursuant to the new tax law, the income tax rates of entities that previously enjoyed preferential tax rates of 15% and 18% have been revised to 18%, 20%, 22%, 24% and 25% for 2008, 2009, 2010, 2011 and 2012 onwards respectively.
CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 Notes to the Financial Statements 81
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
16 Income tax (credit )/expense (cont’d)
(b) Reconciliation between actual tax (credit)/expense and calculated tax based on accounting profit/(loss) at applicable tax rates
2009 2008
RMB million RMB million
Profit/(loss) before taxation 432 (4,724)
Notional tax on profit/(loss) before taxation, calculated at the rates applicable to profit/(loss) in the tax jurisdictions concerned (Note i) 87 (913)
Adjustments for tax effect of: Non-deductible expenses 63 64
Non-taxable income – Share of results of associates and jointly controlled entities (76) (38)
– Others (20) –
Recognition of taxable temporary difference on asset classified as held for sale 67 –
Unused tax losses not recognised 216 566
Deductible temporary differences not recognised – 577
Utilisation of unused tax losses and deductible temporary differences not recognised in prior year (Note 16(a)/Note ii) (512) –
Difference in tax rates (Note ii) 81 –
Effect of change in tax rate (Note iii) – (189)
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China Southern Airlines Company Limited Annual Report 2009(66)
