AMDOCS LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (dollar and share amounts in thousands, except per share data) All income taxes are from continuing operations reported by the Company in the applicable taxing jurisdiction. Income taxes also include anticipated withholding taxes due on subsidiaries’ earnings when paid as dividends to the Company. During fiscal 2013, the Company recognized $14,671 of deferred income tax expenses as a result of enacted changes in tax laws or rates. The Company’s deferred income tax expense as a result of enacted changes in tax laws or rates was immaterial in fiscal years 2012 and 2011. Deferred income taxes are comprised of the following components: (1) Subsequent releases of the valuation allowances, if any, will be recognized through earnings. The effective income tax rate varied from the statutory Guernsey tax rate as follows: (2) In fiscal 2013, foreign taxes include a benefit of $29,786 attributable to the expiration during fiscal 2013 of the statutes of limitations related to unrecognized tax benefits accumulated over several years in certain jurisdictions. As a Guernsey company subject to a corporate tax rate of zero percent, the Company’s overall effective tax rate is attributable to foreign taxes. The Company’s income before income tax expense is considered to be foreign income. F-26 2013 2012 2011 Statutory Guernsey tax rate ....................................... 0% 0% 0% Foreign taxes(2) ................................................ 13 11 12 Effective income tax rate ......................................... 13% 11% 12% Year Ended September 30, 2013 2012 Deferred tax assets: Deferred revenue ............................................ $ 50,623 $ 38,214 Employee compensation and benefits ............................ 75,356 74,248 Intangible assets, computer software and intellectual property ......... 11,518 13,747 Tax credits, net capital and operating loss carryforwards ............. 166,639 168,015 Other ...................................................... 40,754 37,902 Total deferred tax assets ....................................... 344,890 332,126 Valuation allowances(1) ....................................... (127,202) (117,011) Total deferred tax assets, net ................................... 217,688 215,115 Deferred tax liabilities: Anticipated withholdings on subsidiaries’ earnings .................. (53,095) (40,175) Intangible assets, computer software and intellectual property ......... (109,354) (101,583) Other ...................................................... (34,990) (28,131) Total deferred tax liabilities .................................... (197,439) (169,889) Net deferred tax assets .......................................... $ 20,249 $ 45,226 As of September 30,