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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)18. Taxation 2018 2017 $ $a) Taxation expense %u2013 Prior year (82) 14Green fund levy 430 450Business levy 819 891Deferred taxation 189 (434) 1,356 921b) Reconciliation of tax expense and product of accounting proft multiplied by the applicable tax rate:Loss before taxation (962) (2,193)Income taxes calculated at statutory rates (293) (643)Tax exempt income (69) (179)Non allowable expenses and other deductions 188 296Prior year under accrual %u2013 14Green fund levy 430 450Business levy 819 891Other permanent diferences 281 92 1,356 92119. Dividends6% cumulative participating preference shares%u2013 fnal 2017 %u2013 4% (2016: 4%) 58 58%u2013 interim 2018 %u2013 4% (2017: 4%) 59 59Ordinary shares%u2013 fnal 2017 %u2013 50%u00a2 (2016: 50%u00a2) 19,950 19,950%u2013 interim 2018 %u2013 10%u00a2 (2017: 10%u00a2) 3,990 3,990 24,057 24,057During the year ended 31 December 2018, dividends of 60 cents (2017: 60 cents) per ordinary share (amounting to $23.94 million) plus 8% on preference shares (amounting to $117 thousand) were declared and paid.FINANCIAL REPORT 97