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ICI » Topics » 22 Current tax liability

This excerpt taken from the ICI 6-K filed Mar 21, 2007.

22 Current tax liability

The current tax liability of £217m (2005 £360m) represents the amount of income taxes payable in respect of current and prior periods. Included within this balance is the provision for potential liabilities for taxation arising in prior and current years and various tax exposures and tax due to revenue authorities of £148m (2005 £248m).

Due to the different timing and nature of revenue audit processes in different jurisdictions, not all exposures can be specifically linked to enquiries.

The nature and amounts of the most significant exposures which are provided for are set out below.

  2006   2005  
  £m   £m  
Nature of Exposure        
Transfer pricing and related issues 54   60  
Internal restructuring 55   97  
Disposals 27   51  
Double tax relief/foreign tax credits 2   13  
Special regimes, other reliefs 8   17  
Other 2   10  
Total 148   248  

 

www.ici.com ICI Annual Report and Accounts 2006 97

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