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Retrieving Data

Note 11: Income Tax Expense

GROUP

PARENT

Note

2014

$000

2013

$000

2014

$000

2013

$000

Profit before income tax

152,887

160,429

149,905

167,630

Tax on profit @ 28%

42,808

44,920

41,973

46,936

Foreign tax rate adjustment

31

(301)

-

-

Tax effect of non-assessable revenue

(2,934)

(6,724)

(537)

678

Prior year tax losses not previously recognised

(3,017)

-

-

-

Income tax under/(over) provided in prior year

878

(817)

(215)

(809)

37,766

37,078

41,221

46,805

Represented by:

Current tax

32,017

39,464

36,967

44,321

Deferred tax

30

5,749

(2,386)

4,254

2,484

37,766

37,078

41,221

46,805

The 28% tax rate used above is the corporate tax rate payable by New Zealand corporate entities on taxable profit under New Zealand tax law.