CAPITA FINANCIAL SERVICES INC. (ST. LUCIA BRANCH) Notes to the Financial Statements March 31, 2024 (expressed in Eastern Caribbean dollars) 32 12 Taxation …continued Deferred taxation The deferred tax asset not recognised in the financial statements consists of the following components: 2024 $ 2023 $ Accelerated tax depreciation 71,130 76,002 Unutilised tax losses (386,554) (325,886) (315,424) (249,884) The Branch has accumulated losses for tax purposes which may be carried forward and set off against future taxable income as follows: Year of loss Opening balance by year $ Incurred $ Utilised $ Expired $ Closing balance by year $ Expiry date 2018 144,555 – (86,475) (58,080) – 2024 2019 152,801 – – – 152,801 2025 2020 119,664 – – – 119,664 2026 2021 125,925 – – – 125,925 2027 2022 231,290 – – – 231,290 2028 2023 312,050 – – 312,050 2029 2024 – 234,830 – – 234,830 2030 1,086,285 234,830 (86,475) (58,080) 1,176,560 These losses are as computed by the Branch in its corporation tax returns and have as yet neither been confirmed nor disputed by the tax authority. 13 Commitments At March 31, 2024, unutilised commitments to extend credit for mortgages and other loans amounted to $523,838 (2023 - $1,510,217).
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