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66NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2012(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2012 201116. Taxation $ $(a) Taxation expense - Current year 8,018 8,776- Previous year 54 (54) Green fund levy 194 192Deferred taxation 3,319 3,118 11,585 12,032(b) Reconciliation of tax expense and product of accounting profit multiplied by the applicable tax rate:Income before taxation 47,493 48,978Income taxes calculated at statutory rates - 25% 11,873 12,245Tax exempt income (628) (611)Other permanent differences 92 260Green fund levy 194 192Prior year under/(over) provision 54 (54) 11,585 12,0322012 201117. Dividends $ $6% cumulative participating preference shares- final 2011 - 4% (2010: 4%) 58 58- interim 2012 - 4% (2011: 4%) 59 59Ordinary shares- final 2011 - 34%u00a2 (2010: 34%u00a2) 13,566 13,566- interim 2012 - 16%u00a2 (2011: 16%u00a2) 6,384 6,384 20,067 20,067Guardian_Media_Annual_Report2012.indd 66 4/17/13 7:31 PM