Page 48 - ar2012

TEHO INTERNATIONAL INC LTD Annual Report 2012 46
Notes to the
Financial Statements
30 June 2012
9. Administrative Expenses
The major components include the following:
Group
2012
$
2011
$
Directors’ remuneration 1,025,827 789,665
Professional fees 320,973 210,687
Staff salaries and bonus 2,413,768 1,839,814
Audit fees to the independent auditors of the company 85,000 75,000
Audit fees to other independent auditors 14,107 9,675
Non-audit fees to the independent auditors of the
company 42,500 –
Non-audit fees to other independent auditors 15,250 –
10. Other Operating Expenses
The major components include the following:
Group
2012
$
2011
$
Depreciation 748,971 728,681
Land rental 264,974 251,617
Rental expense 292,704 215,952
11. Employee Benefts Expense
Group
2012
$
2011
$
Employee benefts expense including directors 3,589,595 2,811,687
Contributions to defned contribution plan 276,901 232,811
Total employee benefts expense 3,866,496 3,044,498
Employee benefits expense is charged as administrative expenses.
12. Income Tax
12A. Components of tax expense/ (income) recognised in proft or loss include:
Group
2012
$
2011
$
Current tax expense:
Current tax expense 670,557 542,820
Under/(Over) adjustments to current tax in respect
of prior periods 28 (70,963)
Subtotal 670,585 471,857
Deferred tax income:
Deferred tax income – (33,672)
Over adjustments to deferred tax in respect of prior periods – (25,721)
Subtotal – (59,393)
Total income tax expense 670,585 412,464
The income tax in profit or loss varied from the amount of income tax amount determined
by applying the Singapore income tax rate of 17.0% (2011: 17.0%) to profit before
income tax as a result of the following differences:
Group
2012
$
2011
$
Proft Before Tax 2,909,562 2,616,484
Less: Share of Proft from Equity-Accounted Associate (5,133) (13,007)
2,904,429 2,603,477
Income tax expense at the above rate 493,753 442,591
Not deductible items 230,565 125,106
Under/(Over) adjustments to current tax in respect
of prior periods 28 (70,963)
Tax exemptions (51,850) (60,025)
Over adjustments to deferred tax in respect of prior periods – (25,721)
Others (1,911) 1,476
Total income tax expense 670,585 412,464
There are no income tax consequences of dividends to owners of the group.