Income Tax Accounting Policy
The provision for income taxes is computed based on the pretax income included in the consolidated statement of income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.
Source: Toyota Motor Corp., Annual Report
Income Tax Expense (Benefit)
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Toyota Motor Corp., income tax expense (benefit), continuing operations
USD $ in millions, translated from JPY ￥
Source: Based on data from Toyota Motor Corp. Annual Reports
| Item |
Description |
The company |
| Current income tax expense |
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations. |
Toyota Motor Corp.'s current income tax expense declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
|
| Deferred income tax expense (benefit) |
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. |
Toyota Motor Corp.'s deferred income tax expense (benefit) increased from 2009 to 2010 and from 2010 to 2011.
|
| Provision for income taxes |
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to pretax income (loss) from continuing operations; income tax expense (benefit) may include interest and penalties on tax uncertainties based on the entity's accounting policy. |
Toyota Motor Corp.'s provision for income taxes increased from 2009 to 2010 and from 2010 to 2011.
|
Deferred Tax Assets (Liabilities), Net
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Toyota Motor Corp., deferred tax assets (liabilities), net
USD $ in millions, translated from JPY ￥
Source: Based on data from Toyota Motor Corp. Annual Reports
| Item |
Description |
The company |
| Gross deferred tax assets |
The sum of the tax effects as of the balance sheet date of the amounts of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws (before the valuation allowance, if any, to reduce such sum amount to net realizable value). Includes any tax benefit realized in deferred tax assets for significant impacts of tax planning strategies. |
Toyota Motor Corp.'s gross deferred tax assets increased from 2009 to 2010 and from 2010 to 2011.
|
| Deferred tax assets |
The aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; net of deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. |
Toyota Motor Corp.'s deferred tax assets increased from 2009 to 2010 and from 2010 to 2011.
|
| Net deferred tax assets (liabilities) |
For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities. A temporary difference is a difference between the tax basis of an asset or liability and its carrying amount in the financial statements prepared in accordance with generally accepted accounting principles that will reverse in ensuing periods. |
Toyota Motor Corp.'s net deferred tax assets (liabilities) declined from 2009 to 2010 and from 2010 to 2011.
|
