Yinson Annual Report 2020

247 Annual Report 2020 13. Income tax expense Major components of income tax expense The major components of income tax expense for the financial years ended 31 January 2020 and 2019 are: Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Income statements Current income tax - Malaysian income tax 7,825 1,520 924 440 - Foreign tax 61,799 75,478 - 35 - Under/(over) provision in prior years 259 1,986 (8) (140) 69,883 78,984 916 335 Deferred tax (Note 35): - Relating to origination/reversal of temporary differences (62) 498 - - 69,821 79,482 916 335 Reconciliation between tax expense and accounting profit: The reconciliation between tax expense and the product of accounting profit multiplied by the applicable tax rates for the financial years ended 31 January 2020 and 2019 are as follows: Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Profit before tax 331,118 343,861 223,138 245,764 Tax at Malaysian statutory tax rate of 24% (2019: 24%) 79,468 82,527 53,553 58,983 Income not subject to tax (14,906) (4,297) (97,374) (108,930) Expenses not deductible for tax purposes 44,937 86,356 44,745 50,422 Different tax rates of subsidiaries in various national jurisdictions (16,705) (68,774) - - Changes in deferred tax assets not recognised - (360) - - Utilisation of previously unrecognised deferred tax assets (4,853) - - - Share of profit of joint ventures and associates (2,364) (3,125) - -