Page 179 - S P Setia Annual Report 2016

 

 

 

 

 

Page 179 - S P Setia Annual Report 2016
P. 179

S P Setia Berhad Group                                                                                177
          Annual Report 2016




                                                                               Notes To The Financial Statements

                                                                                  For The Financial Year Ended 31 December 2016

          32.   TAX EXPENSE

                                                                        Group                      Company
                                                                   1.1.2016     1.11.2014      1.1.2016      1.11.2014
                                                                         to            to            to           to
                                                                 31.12.2016    31.12.2015    31.12.2016     31.12.2015
                                                                   RM’000         RM’000        RM’000        RM’000
               Tax based on results for the year/period
               -  Malaysian income tax                             261,244       298,267          3,711        13,234
               -  foreign income tax                                81,175        105,031            -             -
               -  deferred tax                                      (71,422)       44,941           50           (622)
                                                                   270,997       448,239          3,761        12,612
               Under/(over) provision in prior period/years
               -  Malaysian income tax                              12,488           732         (1,484)        1,320
               -  foreign income tax                                 (3,533)           -             -             -
               -  deferred tax                                       5,438        (33,538)           -             -
                                                                   285,390        415,433         2,277        13,932

              Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2015: 25%) of the estimated assessable profit for the year/
              period. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.

              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
                                                                   1.1.2016     1.11.2014      1.1.2016      1.11.2014
                                                                        to             to            to            to
                                                                 31.12.2016    31.12.2015    31.12.2016     31.12.2015
                                                                   RM’000         RM’000        RM’000        RM’000
               Accounting profit (excluding share of results in jointly
                 controlled entities and associated companies)    1,111,077      1,531,438     682,869        505,889
               Taxation at applicable 24% (2015: 25%) tax rate     266,658       382,859       163,889        126,472

               Tax effects arising from:
               Non-deductible expenses                              16,757        65,665          3,867        10,362
               Perpetual bond distribution                           (8,697)      (10,573)       (8,697)       (10,573)
               Non-taxable income
               -  interest income                                   (10,467)      (13,500)       (5,834)       (8,558)
               -  single tier dividend income                            -             -       (149,464)      (105,117)
               Deferred tax assets not recognised                   12,079         12,601            -             -
               Utilisation of tax losses brought forward from previous
                 period/years                                        (7,327)       (3,687)           -             -
               Effect on different tax rate used                     1,994         14,874            -            26
               Under/(over) provision in prior period/years         14,393        (32,806)       (1,484)        1,320
                                                                   285,390        415,433         2,277        13,932
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