Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2022 113 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 9. INCOME TAX EXPENSE The Group The Company 2022 2021 2022 2021 RM RM RM RM Estimated current tax payable: Malaysian: - Current year 5,257,235 4,063,625 45,000 - - Under/(Over)provision in prior years 272,704 (169,083) 265,595 - 5,529,939 3,894,542 310,595 - Foreign: - Current year 31,957,423 26,853,769 - - - (Over)/Underprovision in prior years (374,434) 2,617,722 - - 31,582,989 29,471,491 - - Withholding tax 1,942,559 1,408,470 1,942,559 1,408,470 Real property gain tax - (101,313) - - 39,055,487 34,673,190 2,253,154 1,408,470 Deferred tax (Note 16): - Current year 567,461 971,378 - - 39,622,948 35,644,568 2,253,154 1,408,470 A reconciliation of income tax expense applicable to the profit before taxation at the statutory income tax rate to income tax expense at the effective income tax rate of the Group and of the Company are as follows: The Group The Company 2022 2021 2022 2021 RM RM RM RM Profit before tax 174,790,489 149,866,475 17,489,537 84,278,626 Tax at the applicable tax rate of 24% 41,949,717 35,967,954 4,197,489 20,226,871 Effect of different tax rates of other tax jurisdictions (7,288,296) (6,512,169) - - Tax effects of: Non-deductible expenses 3,237,427 2,195,985 2,385,441 1,517,041 Income not subject to tax (65,797) (12,411) (6,537,930) (21,743,912) Utilisation of deferred tax assets previously not recognised (198,115) - - - Income tax exemption (55,429) (95,727) - - Taxable income subjected at regular income tax rate 181,732 248,064 - - Deferred tax assets not recognised for the year 20,880 97,076 - - (Over)/Underprovision of current tax in prior years (101,730) 2,448,639 265,595 - Withholding tax 1,942,559 1,408,470 1,942,559 1,408,470 Real property gain tax - (101,313) - - Income tax expense 39,622,948 35,644,568 2,253,154 1,408,470 Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2021 - 24%) of the estimated assessable profit for the financial year. The taxation of other jurisdictions is calculated at the rates prevailing in the respective jurisdiction.
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