CAPITA FINANCIAL SERVICES INC. (ST. LUCIA BRANCH) Notes to the Financial Statements March 31, 2024 (expressed in Eastern Caribbean dollars) 31 11 Loans Payable 2024 $ 2023 $ Eastern Caribbean Home Mortgage Bank 1,587,530 1,653,084 The Eastern Caribbean Home Mortgage Bank loan is comprised of the cash proceeds from the collateralized borrowing as discussed in Note 5. The Branch has not had any defaults of principal or interest with respect to its loans payable during the years ended March 31, 2024 and 2023. 12 Taxation The corporation tax expense for the year is as follows: 2024 $ 2023 $ Current tax – – Taxation charge – – The tax on the Branch’s income before taxation differs from the theoretical amount that would arise using the statutory rate of corporation tax as follows: 2024 $ 2023 $ Profit before taxation (4,243) 21,307 Tax calculated at a rate of 30% (2023 - 30%) (1,273) 6,392 Income not subject to tax (17,090) (108,473) Expenses not deductible for tax purposes 88,015 93,685 Items deductible for tax purposes (57,377) (85,219) Movement on deferred tax asset not recognized (12,275) 93,615 Taxation charge – –
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