Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2023 107 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 9. INCOME TAX EXPENSE The Group The Company 2023 2022 2023 2022 RM RM RM RM Estimated current tax payable: Malaysian: - Current year 6,005,366 5,257,235 70,000 45,000 - Underprovision in prior years 85,931 272,704 48,729 265,595 6,091,297 5,529,939 118,729 310,595 Foreign: - Current year 30,434,759 31,957,423 - - - Under/(Over)provision in prior years 726,834 (374,434) - - 31,161,593 31,582,989 - - Withholding tax 5,613,743 1,942,559 5,613,743 1,942,559 42,866,633 39,055,487 5,732,472 2,253,154 Deferred tax (Note 16): - Current year (139,485) 567,461 - - 42,727,148 39,622,948 5,732,472 2,253,154 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 2023 2022 2023 2022 RM RM RM RM Profit before tax 167,066,248 174,790,489 56,876,626 17,489,537 Tax at the applicable tax rate of 24% 40,095,900 41,949,717 13,650,390 4,197,489 Effect of different tax rates of other tax jurisdictions (6,611,389) (7,288,296) - - Tax effects of: Non-deductible expenses 3,085,782 3,237,427 2,077,733 2,385,441 Income not subject to tax (267,287) (65,797) (15,658,123) (6,537,930) Utilisation of deferred tax assets previously not recognised (54,330) (198,115) - - Income tax exemption (187,586) (55,429) - - Taxable income subjected at regular income tax rate 239,550 181,732 - - Deferred tax assets not recognised for the year - 20,880 - - Under/(Over)provision of current tax in prior years 812,765 (101,730) 48,729 265,595 Withholding tax 5,613,743 1,942,559 5,613,743 1,942,559 42,727,148 39,622,948 5,732,472 2,253,154 Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2022: 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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