AnnualReport2018
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS6. 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 30.21% for the years ended September 30, 2017 and 2018 respectively.Signicant components of deferred tax assets and liabilities at September 30, 2017 and 2018 were as follows:Millions of Japanese YenThousands of U.S. Dollars2017201820172018Deferred tax assets:Contribution to retirement benet trust ...................................................¥ 3,053 ¥ 3,077 $ 26,783 $ 26,998 Depreciation ...........................................................................................1,955 2,140 17,150 18,772 Net dened benet liability .....................................................................1,978 2,084 17,353 18,287 Provision for bonuses .............................................................................1,238 1,363 10,865 11,959 Unrealized gain on sales of inventories .................................................1,159 1,192 10,168 10,457 Write down of inventories .......................................................................476 480 4,177 4,215 Impairment loss ......................................................................................257 257 2,262 2,262 Write down of investment securities .......................................................207 206 1,815 1,813 Others ....................................................................................................1,492 1,621 13,092 14,226 Total gross deferred tax assets ....................................................................11,81812,425103,668108,992Less valuation allowance .......................................................................(1,260)(1,249)(11,057)(10,957)Total deferred tax assets .............................................................................. 10,557 11,175 92,610 98,034 Amount set off against deferred tax liabilities.........................................(599)(568)(5,256)(4,986)Net deferred tax assets ................................................................................¥ 9,958¥ 10,607$ 87,354$ 93,048Deferred tax liabilitiesIntangible assets identied due to business combinations ....................¥ - ¥ 745 $ - $ 6,542 Valuation difference on available-for-sale securities ..............................288 407 2,533 3,576 Deferred income under preferential tax treatment .................................154 120 1,353 1,058 Others ....................................................................................................453 266 3,975 2,334 Total deferred tax liabilities ...........................................................................896 1,540 7,863 13,513 Amount set off against deferred tax assets ............................................(599)(568)(5,256)(4,986)Net deferred tax liabilities .............................................................................¥ 297 ¥ 972 $ 2,607 $ 8,526 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, 2017 and 2018 were as follows:20172018Statutory effective tax rate for the Company ................................................30.21 % 30.21 %Tax credit ...............................................................................................(5.78)(5.48)Change in valuation allowance ..............................................................(0.96)0.03Statutory tax rates variance of overseas subsidiaries ............................(0.22) (2.20)Expenses not deductible for income tax purposes.................................0.700.80Effect of the tax reform in the United States ..........................................-(1.33)Other, net ...............................................................................................0.350.77Actual effective tax rate ................................................................................24.30 %22.80 %Due to enactment of the “Tax Cuts and Jobs Act” in the United States of America on December 22, 2017, the income tax rate applicable to the consolidated subsidiaries of the Company in the United States of America was reduced from 35% to 21% from the scal year beginning on or after January 1, 2018.As a result, deferred tax liabilities (net of deferred tax assets) decreased by ¥376 million ($3,300 thousand); foreign currency translation adjustments increased by ¥8 million ($74 thousand); and income taxes-deferred decreased by ¥367 million ($3,226 thousand).24

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