116
26. INCOME TAX EXPENSEs
2013
2012
$’000
$’000
Current income tax:
Current year
430
1,361
Under (Over) provision in prior years
212
(103)
Deferred taxation (Note 20):
Current year
972 (1,112)
Underprovision in prior years
449
-
2,063
146
Domestic income tax calculated at 17% (2012 : 17%) of the estimated assessable profit for the year. Taxation for
other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.
The total charge for the year can be reconciled to the accounting profit as follows:
GROUP
NOTES TO FINANCIAL STATEMENTS
March 31, 2013
2013
2012
$’000
$’000
Profit before income tax
141,120 285,262
Tax at the domestic income tax rate of 17% (2012 : 17%)
23,990 48,495
Under (Over) provision in prior years
661
(103)
Tax effect of:
Non-deductible expenses
1,401
881
Tax effect of share of results of associate
354
415
Exempt income
(1)
(21,976) (46,012)
Income not subject to tax
(41)
(1,699)
Effect of tax concessions
- donation
(2,040)
(1,722)
- productivity and innovation credit scheme
(12)
(111)
Losses carried forward
23
12
Others
(297)
(10)
2,063
146
(1)
Exempt income mainly pertains to the Co-operative’s income. The income of any Co-operative Society registered
under the Co-operative Societies Act, Chapter 62 is exempted from income tax under Section 13(1)(f)(ii) of the
Income Tax Act, Chapter 134.
Subject to the agreement by the tax authorities, at the end of the reporting period, a subsidiary in the Group has
unutilised donation of $3.4 million (2012 : $5.5 million) available for offset against future profits.
GROUP
