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This excerpt taken from the DEG 20-F filed Jun 30, 2005. Current Income Taxes/Deferred Income Taxes
Current income taxes are determined on the basis of earnings reported by each tax entity, adjusted for permanent differences between income as calculated for financial and tax reporting purposes at latest enacted tax rates.
Delhaize Group accounts for deferred income tax assets and liabilities for its United States subsidiaries under the provisions of United States Statement of Financial Accounting Standards (“SFAS”) No. 109, “Accounting for Income Taxes” (“SFAS 109”). For all other consolidated entities, deferred income tax assets and liabilities are calculated on certain, but not all, temporary differences arising in the accounts of these consolidated entities. Tax exempt reserves and tax loss carry-forwards are among those temporary differences where no deferred income taxes are calculated.
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