This excerpt taken from the SYT 20-F filed Mar 1, 2006.
The overall tax rate in 2004 was negative 15%, with profits after tax higher than profit before tax, compared to a rate of 35% in 2003. The tax rate on net restructuring and impairment costs of 38% was close to the 42% level of 2003, though rates applying to restructure and impairment may vary significantly depending on the nature of the charge. The utilization of tax loss carry forwards lowered the tax charge by US$147 million in 2004, of which US$139 million related to an unusually large recognition of relief on tax losses following corporate restructuring. In 2003, utilization of tax losses lowered the tax charge by US$68 million.
This excerpt taken from the SYT 20-F filed Mar 16, 2005.
The tax rate on profits excluding restructuring and impairment was 37%(1) in 2003 (2002: 41%(1)) as benefits of projects to improve the tax efficiency of Syngentas operations were realized. The estimated credit on restructuring and impairment was 42%(1) (2002: 26%(1)) partly because the net charge included disposal gains on which lower tax rates are applied, and partly due to the inclusion in 2002 of intangible asset impairments against which tax relief is not always available.
The overall effective tax rate was 35%. In 2002, the tax charge was US$53 million despite a loss before tax of US$15 million due to the high weighting of restructuring and impairment charges and relatively low rate of tax relief on these charges.
(1) This measure is defined/reconciled to GAAP measures in Appendix A of this section.