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Financial Statements
87
annual report
2013
Income Tax Expenses
Income tax expenses are measured and accounted in financial statements of the Company according to IAS 12.
Income tax expenses reflected in the Statement of financial performance consist of the amounts of current income tax
and deferred income tax.
Current income tax is determined based on taxable income for the reporting period calculated as per the tax laws of
Ukraine.
Deferred tax is recognized at the amount expected to be paid or recovered due to the difference between the Balance
Sheet assets and liabilities that are specified in financial statements, and corresponding tax bases of assets and liabili-
ties. Deferred income taxes are calculated based on temporary differences with application of the balance sheet liabil-
ity method.
Deferred tax assets and liabilities are calculated based on tax rates expected to be applicable in the period when assets
are realized or recovered based on the tax rates acting at the reporting date, or about introduction of which in the near-
est future it was known reliably at the reporting date.
Owner's Equity
Statutory capital includes cost of property which was obtained by the Company as a result of privatization.
The Company accrues dividends on shares and recognizes them as liabilities at the reporting date, only if they are declared
before and including the reporting date. Accumulated income is distributed according to procedure established by Meet-
ing of shareholders.