Page 81 - Learn Africa 2021 Annual Report

Learn Africa Plc
Notes to the Financial Statements (cont’d)

For the year ended 31 March 2021

6 Income tax

The major components of income tax expense for the period ended 31 March, 2021 and 31
March, 2020 are:

6.1 Income statement
2021 2020
$’000 $’000
Current income tax:
Current income tax charge 168,325 161,633
Current education tax charge 12,044 12,469
Police trust fund levy 8 7
Adjustment in respect of prior year underprovision - 49,766
Total current tax 180,377 223,875

Deferred tax:
Relating to origination of temporary differences (59,371) (79,967)
Total income tax expense reported in the statement
of profit or loss 121,006 143,908

6.2 Statement of financial position

At 1 April 204,070 26,834
Amount recorded in profit or loss 180,377 223,875
Payment during the year (168,327) (46,639)
WHT credit utilised (22,333) -
At 31 March 193,788 204,070

6.3 Reconciliation of tax charge
Profit before tax 282,088 223,900

Tax at Nigerian’s statutory income tax rate of 30% 84,626 67,170
Disallowable expenses 44,773 49,716
Non-taxable income (20,614) (35,900)
Police trust fund levy 8 7
Adjustment in respect of prior year underprovision - 49,766
Education tax @ 2% of assessable profit 12,044 12,469
Balancing charge 169 680
Total tax charge for the year 121,006 143,908

Effective tax rate 43% 64%

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