Page 159 - S P Setia Annual Report 2013
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Annual Report 2013 S P SETIA BERHAD GROUP Financial Statements | 157





NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2013 (CONT’D)






36. taX eXPenSe

Group company
2013 2012 2013 2012
Rm’000 Rm’000 Rm’000 Rm’000


Malaysian taxation based on results for the year
- current 219,073 207,680 23,090 18,470
- deferred (70,516) (27,845) (21) (18)

148,557 179,835 23,069 18,452
Under/(Over) provision in prior years
- current 5,141 (2,158) (183) (1,264)
- deferred (2,642) 2,200 229 3,533
151,056 179,877 23,115 20,721

The provision for taxation differs from the amount of taxation determined by applying the applicable statutory tax rate of the proft before
tax as a result of the following differences:
Group company
2013 2012 2013 2012
Rm’000 Rm’000 Rm’000 Rm’000


Accounting proft
(excluding share of results in associated companies) 570,505 567,493 309,507 224,891

Taxation at applicable tax rate 142,626 141,873 77,377 56,223
Tax effects arising from:
Non-deductible expenses 45,482 32,206 13,693 11,354
Non-taxable income
- gain from disposal of investment properties - (611) - (55)
- interest income (4,478) (3,022) (4,478) (3,022)
- single tier dividend income - - (60,450) (45,496)
- others (18,634) (6,233) (3,073) (552)
Deferred tax assets not recognised 3,077 14,877 - -
Utilisation of deferred tax assets previously not recognised (19,574) (130) - -
Effect on different tax rate used 58 875 - -
Under provision in prior years 2,499 42 46 2,269

151,056 179,877 23,115 20,721

Tax savings during the fnancial year arising from:
Utilisation of current year tax losses 56,054 1,475 - -

Subject to agreement with the Inland Revenue Board, based on estimated tax credits available and the prevailing tax rate applicable to
dividends and the balance on the tax exempt account, the entire retained earnings of the Company is available for distribution by way of
dividends.
Any remaining balance in the Section 108 account after 31 December 2013 will be disregarded. All companies will be mandatorily moved
to the single tier tax system on 1 January 2014.
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