106
(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 an unutilised
capital allowance of $12 million (December 31, 2013: $17 million) and unutilised donation of $5.5 million (December 31,
2013: $5.5 million) available for offset against future profits.
Notes to Financial Statements
December 31, 2014
25.Income Tax (cont’d)
26.Commitments
December 31,
2014
December 31,
2013
December 31,
2014
December 31,
2013
$’000
$’000
$’000
$’000
(a) Capital commitments:
Purchase of property, plant
and equipment approved by
the directors
- contracted
17,062
112,000
4,631
84,200
- not contracted
75,523
152,150
68,281
147,300
92,585
264,150
72,912
231,500
December 31,
2014
December 31,
2013
December 31,
2014
December 31,
2013
$’000
$’000
$’000
$’000
Within 1 year
111,734
91,954
100,201
80,547
After 1 year but within 5 years
152,716
131,664
139,372
119,026
After 5 years
209,918
57,157
53,044
28,768
474,368
280,775
292,617
228,341
As at the end of the financial year, the Group and the Co-operative have the following outstanding commitments which have
not been provided in the financial statements:
(b)
Commitments under non-cancellable operating lease payables are as follows:
Operating lease payments represent rental payable by the Group and the Co-operative for certain office and outlets
premises. Leases are negotiated for an average term of 3 years and fixed for an average of 3 years.
GROUP
CO-OPERATIVE
GROUP
CO-OPERATIVE
