CFA 笔记整理 Income Taxes

Income Taxes

Tax terminology (税务报表科目)

? Taxable income：Income subject to tax based on the tax return.

? Taxes payable：The tax liability on the balance sheet caused by taxable income. This is also known as current tax expense. ? Income tax paid：The actual cash flow for income taxes including payments or refunds from other years.

? Tax loss carry forward：A current or past loss that can be used to reduce taxable income (thus, taxes payable)

in the future. Can result in a deferred tax asset.由于亏损产生，可以抵扣未来利润 ? Tax base：Net amount of an asset or liability used for tax reporting purposes. Financial reporting Terminology(财务报表科目)

? Accounting profit：Pretax financial income based on financial accounting standards. Also known as income

before tax and earnings before tax

? Income tax expense：Expense recognized in the income statement that includes taxes payable and changes in

deferred tax assets and liabilities (DTA and DTL). The income tax expense equation is:

Income tax expense=taxes payable+ΔDTL-ΔDTA

? ? ? ?

Deferred tax liabilities：Balance sheet amounts that result from an excess of income tax expense over taxes payable that are expected to result in future cash outflows. Deferred tax assets：Balance sheet amounts that result from an excess of taxes payable over income tax expense that are expected to be recovered from future operations. Can also result from tax loss carry forwards. Valuation allowance：Reduction of deferred tax assets based on the likelihood the assets will not be realized.(递延税资产减值)

Carrying value：Net balance sheet value of an asset or liability.

DTL(递延税负债）和 DTA(递延税资产）由于实际上缴给国家税务机构的税金和财务报表上计算得出的税金不一样产生的。如果交给税务局交的比财务报表上计算的交的多，就产生资产（DTA）相反就产生负债（DTL），资产代表了未来会的税收会少交(相当于receiveble，这部分好处未来才发生，现在还没收到）负债代表未来的税收会多交。allowance valuation是针对DTA来说的，如果这部分好处未来有可能会变少，比如现在的DTA是100，但是未来有可能这部分好处收不回了，比如这个税收差异（temporary difference)的反转时间变长，或者反转可能性降低，就说明这个100，现在值不了100了，要发生减值了，就好比receivable里的坏账减值一样的，如果现在确认要发生allowance valuation =20,意思就是要减值20，现在的DTA就减少了，变成100-20=80

Temporary difference vs. permanent difference Temporary difference 暂时性差异

? Difference will reverse (差异会反转) Deferred tax assets

由deductible temporary difference 引起未来taxable income变小 Taxes payable>income tax expense

? B/S amounts that result from an excess of tax payable over income tax expense that are expected to be

recovered from future operations. 未来会recover

Deferred tax liabilities

由taxable temporary difference 引起，导致未来taxable income变大 Taxes payable

? B/S amounts that result from an excess of income tax expense over taxes payable that are expected to result in

future cash outflows.现在少付的税，未来会多付

Permanent difference 永久性差异

Difference will not reverse, thus no deferred tax issues 差异不会反转，就不存在递延的概念

Permanent difference会引起公司的effective tax rate和法定的statutory tax rate不相等， effect tax rate= income tax expense/pretax income

Two steps for deferred tax

? Step 1 Identify DTL and DTA through a B/S approach, ? Step 2 Calculate deferred tax expense B/S approach

? Identify Accounting base and Tax base for every asset and liability item on B/S ? Calculate the difference between two bases ? For assets = accounting base – tax base

? For liabilities = ( - accounting base) – (- tax base )

Positive figure x tax rate = DTL 属于taxable temporary difference Negative figure x tax rate = DTA 属于deductible temporary difference 正数说明payable tax小于income tax expense, 产生DTL 负数说明payable tax大于income tax expense,产生DTA 计算结果为累积DTL/DTA

Reversal of temporary difference

Treatment of DTL

If unlikely to be reversed

? Treated as equity [相当于向税务机关融资] If to be reversed

? Treated as true liability If non-reversal/reversal is uncertain

? Ignored Treatment of DTA

If<50% probability to be reversed

? Valuation allowance is created DTA’=DTA-Valuation allowance

Comparison of IFRS and U.S.GAAP

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