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182 | S P SETIA BERHAD GROUP | Annual Report 2014

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 October 2014

V. FINANCIAL STATEMENTS

36. TAX EXPENSE (CONT’D)

The provision for taxation differs from the amount of taxation determined by applying the applicable statutory tax rate on the profit before

tax as a result of the following differences:

Group

Company

2014

2013

2014

2013

RM’000

RM’000

RM’000

RM’000

Restated

Accounting profit (excluding share of results in jointly

controlled entities and associated companies)

800,399

688,053

339,294

309,507

Taxation at applicable 25% tax rate

200,100

172,013

84,824

77,377

Tax effects arising from:

Non-deductible expenses

33,210

37,092

6,735

13,693

Non-taxable income

- interest income

(10,834)

(4,478)

(10,414)

(4,478)

- single tier dividend income

-

-

(61,247)

(60,450)

- gain on disposal of investment property

(9,904)

-

-

-

- gain on disposal of property, plant and equipment

(3,952)

-

-

-

- others

(8,430)

(20,122)

(8,017)

(3,073)

Deferred tax assets not recognised

5,768

-

-

-

Utilisation of deferred tax assets previously not recognised

(626)

(15,496)

-

-

Effect on different tax rate used

(402)

58

-

-

Under/(Over) provision in prior years

789

4,916

(1,321)

46

205,719

173,983

10,560

23,115

Group

Company

2014

2013

2014

2013

RM’000

RM’000

RM’000

RM’000

Restated

Tax savings during the financial year arising from:

Utilisation of current year tax losses

-

55,158

-

-

The Company is on the single tier income tax system; accordingly the entire retained earnings of the Company are available for distribution

by way of dividend without incurring additional tax liability.