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This excerpt taken from the LUX 20-F filed Jun 28, 2006. Accounting
for Income Taxes, which requires recognition of deferred tax assets
and liabilities for the expected future tax consequences of events that have
been included in the Company’s consolidated financial statements or tax
returns. Under this method, deferred tax liabilities and assets are determined
based on the difference between the consolidated financial statement and tax
basis of assets and liabilities using enacted tax rates in effect for the year
in which the differences are expected to reverse. A valuation allowance is
recorded for deferred tax assets if it is determined that it is more likely
than not that the asset will not be realized. Changes in valuation allowances from
period to period are included in the tax provisions in the relevant period of
change.
This excerpt taken from the LUX 20-F filed Jun 29, 2005. Accounting
for Income Taxes, which requires recognition of deferred tax assets
and liabilities for the expected future tax consequences of events that have
been included in the Company’s consolidated financial statements or tax
returns. Under this method, deferred tax liabilities and assets are determined
based on the difference between the consolidated financial statement and tax
basis of assets and liabilities using enacted tax rates in effect for the year
in which the differences are expected to reverse. A valuation allowance is recorded
for deferred tax assets if it is determined that it is more likely than not
that the asset will not be realized.
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