AnnualReport2017
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS7. Income TaxesThe Company and its domestic subsidiaries are subject to Japanese national and local income taxes which, in the aggregate, resulted in statutory effective tax rate of approximately 32.33% and 30.21% for the years ended September 30, 2016 and 2017 respectively.Signicant components of deferred tax assets and liabilities at September 30, 2016 and 2017 were as follows:Millions of Japanese YenThousands of U.S. Dollars2016201720162017Deferred tax assets:Contribution to retirement benet trust ...................................................¥ 3,034 ¥ 3,053 $ 26,857 $ 27,020 Net dened benet liability .....................................................................2,015 1,978 17,840 17,507 Depreciation ...........................................................................................1,930 1,955 17,087 17,302 Provision for bonuses .............................................................................1,016 1,238 8,999 10,961 Unrealized gain on sales of inventories .................................................978 1,159 8,655 10,258 Write down of inventories .......................................................................470 476 4,165 4,214 Directors’ retirement benets .................................................................-290 -2,566 Impairment loss ......................................................................................257 257 2,282 2,282 Write down of investment securities .......................................................220 207 1,951 1,831 Others....................................................................................................1,564 1,202 13,843 10,641 Total gross deferred tax assets ....................................................................11,49011,818101,683104,586Less valuation allowance .......................................................................(1,486)(1,260)(13,158)(11,155)Total deferred tax assets .............................................................................. 10,003 10,557 88,525 93,430 Amount set off against deferred tax liabilities.........................................(125)(599)(1,113)(5,302)Net deferred tax assets ................................................................................¥ 9,877 ¥ 9,958 $ 87,412 $ 88,127 Deferred tax liabilitiesValuation difference on available-for-sale securities ..............................¥ 21 ¥ 288 $ 192 $ 2,556 Deferred income under preferential tax treatment .................................137 154 1,215 1,365 Others....................................................................................................169 453 1,503 4,011 Total deferred tax liabilities ...........................................................................329 896 2,911 7,932 Amount set off against deferred tax assets............................................(125)(599)(1,113)(5,302)Net deferred tax liabilities .............................................................................¥ 203 ¥ 297 $ 1,798 $ 2,630 A reconciliation between the statutory effective tax rate and the actual effective tax rate reected in the accompanying consolidated statements of income for the years ended September 30, 2016 and 2017 were as follows:20162017Statutory effective tax rate for the Company ................................................ 32.33% 30.21%Tax credit...............................................................................................(5.30)(5.78)Change in valuation allowance ..............................................................0.08(0.96)Statutory tax rates variance of overseas subsidiaries ............................(2.77)(0.22)Expenses not deductible for income tax purposes.................................0.880.70Reduction in deferred tax assets due to tax rate changes .....................1.97-Other, net ...............................................................................................0.760.35 Actual effective tax rate ................................................................................ 27.95% 24.30%24

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