Glossary entry (derived from question below)
Dutch term or phrase:
onttrekking
English translation:
reduction / debit
Added to glossary by
Alexander Schleber (X)
Jul 3, 2004 09:11
19 yrs ago
12 viewers *
Dutch term
onttrekking
Dutch to English
Bus/Financial
Finance (general)
Annual report
"De geleidelijke afboeking naar de resultatenrekening zal gebeuren op basis van het afschrijvingsritme van nieuwe vaste activa (zie X.A ‘Onttrekking aan de uitgestelde belastingen’)."
Still busy with that Belgian annual report.
"Onttrekking" normally means "withdrawal" but the direct translation -> 'Withdrawal from deferred taxes' does make sense to me. Could it be that the are referring to a "reduction" of the provisions for deferred taxes here?
TIA to the experts.
Still busy with that Belgian annual report.
"Onttrekking" normally means "withdrawal" but the direct translation -> 'Withdrawal from deferred taxes' does make sense to me. Could it be that the are referring to a "reduction" of the provisions for deferred taxes here?
TIA to the experts.
Proposed translations
(English)
4 +3 | amounts charged to the deferred taxes provision | jarry (X) |
4 +1 | withdrawal | Jacqueline van der Spek |
3 | released | Marijke Singer |
Proposed translations
+3
2 hrs
Selected
amounts charged to the deferred taxes provision
By definition, provisions have a credit balance. They are either shown as liabilities or as deductions from the assets for which they were formed. Any "ontrekking" from a provision therefore has to be a debit entry (a charge) to the provision account. Even if no provision were involved in this case (the Flemish text does not mention the word "voorziening") but simply a (contingent) liability for deferred taxes included in the accounts, my suggested translation would still be appropriate, whereas withdrawal would then be musch less so. Perhaps this is what threw you.
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Note added at 2 hrs 19 mins (2004-07-03 11:30:57 GMT)
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To make things a little more complicated (-:, deferred taxes can be debits (assets: amounts recoverable) or credits (liabilities: amounts payable). Perhaps things would become clearer if you could give us some more information.
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Note added at 2 hrs 19 mins (2004-07-03 11:30:57 GMT)
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To make things a little more complicated (-:, deferred taxes can be debits (assets: amounts recoverable) or credits (liabilities: amounts payable). Perhaps things would become clearer if you could give us some more information.
4 KudoZ points awarded for this answer.
Comment: "Thanks to all for the input and learned explanations. The whole still sounded a little dubious to me, also because of the sentence syntax, so I decided to go with "reduction". Simple and effective, I think."
+1
1 hr
withdrawal
Your translation doesn't sound at all weird to me. I think you are perfectly right that your client has made provisions for the deferred taxes and now that he has started writing off he needs to withdraw from his provisions.
HTH,
Jacqueline
HTH,
Jacqueline
Peer comment(s):
agree |
AllisonK (X)
: klopt volgens van Amerongen
2 hrs
|
1 hr
released
It may be that they mean:
released from deferred taxation
See websites:
http://www.aeci.co.za/New/Financial/2003AnnualReport/Account...
"Deferred taxation released as a result of transfers of property, plant and equipment to and from subsidiaries at income tax values is re-established by the transferee company"
http://www.btplc.com/report/1998-99/notes/note10.htm
"Deferred taxation provision released due to reduction in corporation tax rate"
released from deferred taxation
See websites:
http://www.aeci.co.za/New/Financial/2003AnnualReport/Account...
"Deferred taxation released as a result of transfers of property, plant and equipment to and from subsidiaries at income tax values is re-established by the transferee company"
http://www.btplc.com/report/1998-99/notes/note10.htm
"Deferred taxation provision released due to reduction in corporation tax rate"
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