aracruz2000

S 2601 see note 16 a iv other permanent items 1999

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Unformatted text preview: 306 ) Income tax expense (benefit) per consolidated statement of income (7,806 ) 2,997 16,679 82,065 Aracruz Celulose S.A. Notes to Consolidated Financial Statements Expressed in thousands of United States dollars (unless otherwise stated) The major components of the deferred tax accounts in the balance sheet are as follows: December 31, 1999 22,777 32,211 10,961 22,235 6,488 (38,761 ) Assets Tax loss carryforwards Operations in Brazil Operations outside Brazil Depreciation - book over tax Expenses not currently deductible Others Valuation allowance 2000 63 2,474 7,100 6,736 (2,474 ) 55,911 6,488 Long-term assets 6,736 49,423 Current assets 13,899 7,163 Although realization of net deferred tax assets is not assured, management believes that, except where a valuation allowance has been provided, such realization is more likely than not to occur. The amount of the deferred tax asset considered realizable could, however, be reduced if estimates of future taxable income during the tax loss carryforwards period are reduced. Tax loss carryforwards do not expire and are available to offset against future taxable income li...
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