President Chain Store Corporation stays in conformity with the core values of our tax policy by being committed to following the tax laws and regulations as well as the purpose of statute of the areas in which it operates, reporting and paying taxes based on the principle of honesty, fulfilling its obligations as a taxpayer and supporting the government as it promotes sustainable development policies, including industrial innovation, R&D and reinvestment.
Consolidated Operating Results from President Chain Store Corporation and its Subsidiaries (NT$1,000)
Revenue
| Region |
2023 |
2024 |
| Amount |
Percentage |
Amount |
Percentage |
| ROC |
264,631,621 |
83.47% |
281,427,347 |
83.28% |
| Philippines |
44,891,255 |
14.16% |
50,726,542 |
15.01% |
| Others (including Mainland China and Japan) |
7,518,978 |
2.37% |
5,778,508 |
1.71% |
| Revenue |
317,041,854 |
100% |
337,932,397 |
100% |
Pre-tax profit and loss
| Region |
2023 |
2024 |
| Amount |
Percentage |
Amount |
Percentage |
| ROC |
13,468,342 |
82.34% |
13,782,597 |
79.39% |
| Philippines |
2,591,918 |
15.85% |
2,858,825 |
16.47% |
| Others (including Mainland China and Japan) |
297,099 |
1.82% |
720,165 |
4.15% |
| Pre-tax profit and loss |
16,357,359 |
100% |
17,361,587 |
100% |
Income tax payable for the current year
| Region |
2023 |
2024 |
| Amount |
Percentage |
Amount |
Percentage |
| ROC |
2,205,973 |
94.23% |
2,116,434 |
90.79% |
| Philippines |
137,558 |
5.88% |
211,364 |
9.07% |
| Others (including Mainland China and Japan) |
-2,438 |
(0.10)% |
3,232 |
0.14% |
| Income tax payable for the current year |
2,341,093 |
100% |
2,331,030 |
100% |
Income tax paid
| Region |
2023 |
2024 |
| Amount |
Percentage |
Amount |
Percentage |
| ROC |
2,584,644 |
81.53% |
3,474,370 |
75.16% |
| Philippines |
535,206 |
16.88% |
800,728 |
17.32% |
| Others (including Mainland China and Japan) |
50,401 |
1.59% |
347,581 |
7.52% |
| Income tax paid |
3,170,251 |
100% |
4,622,679 |
100% |
Effective Tax Rate (Unit: NT$)
The effective tax rate for 2023 was lower than the industry average of as Taiwan was the primary source of operating profits and the income tax rate for profit-seeking enterprises in Taiwan was 20%. The average tax rate for the food and consumer staple retail industry in GICS comes from related industries around the world, with the average increased due to the influence of countries with high tax rates. In 2024, the increase in cash payments for income tax resulted in a higher effective cash tax rate.
| Year |
2023 |
2024 |
| Profit before Tax (A) |
16,357,359,000 |
17,361,587,000 |
| Income tax expense(B) |
3,696,228,000 |
3,620,148,000 |
| Adjustments (C) |
Adjustment 1: temporal difference |
-89,795,000 |
986,542,000 |
| Adjustment 2: others |
598,650,820 |
1,206,827,971 |
| Pre-adjustment: effective tax rate (B)/(A) |
22.60% |
20.85% |
| Post-adjustment: effective tax rate (B+C)/(A) |
25.71% |
33.48% |
| Income tax cash payments (D) |
3,170,251,000 |
4,622,679,000 |
| Cash effective tax rate (%)(D)/(A) |
19.38% |
26.63% |
(Note 1) Industry average tax rates were taken from GICS’s (Global Industry Classification Standard) for food and consumer staple retailers. The average tax rate is 24.51%, cash effective tax rate is 24.72%.
(Note 2) Reported effective tax rate (%) = income tax expense/profit before tax
(Note 3) Cash effective tax rate (%) = income tax paid/profit before tax
(Note 4) Adjustment 1: temporal differences (the amount of each deferred income tax asset or liability arising from temporary differences and tax losses); Adjustment 2: Items that are not recognized by legal regulations, such as income from investment, tax exemption from domestic stock trading, etc.