80 / 113
Unrecognised deferred tax assets
• Deferred tax assets have not been recognised in respect of the following items, because it is not probable that future
taxable profit will be available against which the group can use the benefits therefrom.
December 31, 2016
December 31, 2015
Impairment of accounts and notes receivables
85 439
65 426
Impairment of other debit balances
1 779
1 217
• Liability for temporary differences related to investments in subsidiaries, associates and joint venture was not recog-
nized because the group controls the timing of reversal of the related temporary differences and satisfied that theywill
not reverse in the foreseeable future.
C Income tax expenses
December 31, 2016
December 31, 2015
Current income tax for the year (Note 9-A)
(100 835)
(53 046)
Deferred tax – benefit (Note 9-B)
98 415
7 661
Income tax for the year
(2420)
(45 385)
D Amounts recognized in OCI
December 31, 2016
December 31, 2015
Before Tax
Taxes
After Tax Before Tax
Taxes
After Tax
Foreign Currency translation
difference
1 808 645
-
1 808 645
95 456
-
95 456
Modification surplus of fixed
assets result
318 250
(61 163)
257 087
-
-
-
2 126895
(61 163)
2065 732
95 456
-
95 456
On June 4, 2014, LawNo. (44) for the year 2014 has been issued to impose a temporary three years’ additional tax amounting to
(5%) starting from the taxable period of the abovementioned resolution. This additional tax is taxable profit over an amount of
One Million Egyptian pounds by individuals or corporates as stipulated in the articles of the Income Tax Law. This additional
tax should be assessed and collected according to those articles. This lawbecame into force starting from June 5, 2014.
On June 30, 2014, Law No. (53) for the year 2014 has been issued by a presidential decree. This law included amendments for
some articles of Income Tax LawNo. (91) for the year 2005. Themost important amendments are as follows:
1.
Imposing a tax on Dividends.
2.
Imposing a tax on the capital gains resulted from the sale of capital contribution shares and securities.
OnApril 6, 2015ministerial decreeNo. (2/11) was issued for the year 2015modifying the Executive regulations of the income tax
law issued byministerial decree No.91 for the year 2005.
On August 20, 2015, the presidential decree for lawNo. 96 for the year 2015 has been issued to amend the provisions of income
tax law No. 91 for the year 2005 and the decreeNo. 44 for the year 2014 that imposing a temporary additional income tax, this
decree shall be in effect from the next day of issuance. Themost important changes included in the decree are as follows:
1.
The income tax rate will decrease to be 22.5 % from the annual net profit.
2.
Amend the period of imposing the 5 % temporary tax.
3.
Amend the tax on dividends.
4.
Ceasing the tax impose of the capital gains resulted from sale of securities that are listed in capital market for two years
starting from 17/5/2015.
2016 ANNUAL REPORT
78
GB Auto (S.A.E.)
Notes to the consolidated financial statements for the financial year ended December 31, 2016
(In thenotes all amounts are shown inThousandEgyptianPounds unless otherwise stated)