Wah Seong Corporation Berhad Annual Report 2018

14 DEFERRED TAX ASSETS/(LIABILITIES) Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriate offsetting, are shown in the statements of financial position: Group Company 2018 2017 2018 2017 RM’000 RM’000 RM’000 RM’000 Deferred tax assets 43,344 41,724 2,423 2,062 Deferred tax liabilities (13,804) (13,128) - - 29,540 28,596 2,423 2,062 At 1 January 28,596 5,126 2,062 2,175 Credited/(Charged to) to profit or loss (Note 36): - Unused tax losses 6,461 14,087 - - - Property, plant and equipment (4,835) 23,343 25 17 - Provisions and accruals 1,089 (14,486) 336 (130) - Unrealised foreign exchange (198) 1,320 - - - Others (1,593) 669 - - 924 24,933 361 (113) Effect of exchange rate changes 20 (1,463) - - At 31 December 29,540 28,596 2,423 2,062 Subject to income tax Deferred tax assets (before offsetting) - Unused tax losses 27,388 21,416 - - - Property, plant and equipment 10,951 16,078 - - - Provisions and accruals 7,076 6,072 2,430 2,094 - Unrealised foreign exchange losses 499 116 - - - Others 866 1,121 - - 46,780 44,803 2,430 2,094 Offsetting (3,436) (3,079) (7) (32) Deferred tax assets (after offsetting) 43,344 41,724 2,423 2,062 Deferred tax liabilities (before offsetting) - Property, plant and equipment (13,517) (13,947) (7) (32) - Unrealised foreign exchange gains (901) (377) - - - Others (2,822) (1,883) - - (17,240) (16,207) (7) (32) Offsetting 3,436 3,079 7 32 Deferred tax liabilities (after offsetting) (13,804) (13,128) - - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 ANNUAL REPORT 2018 141