Yinson Annual Report 2021

240 YINSON HOLDINGS BERHAD SECTION 07 : ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2021 13. Income tax expense Major components of income tax expense The major components of income tax expense for the financial years ended 31 January 2021 and 2020 are: Group Company 2021 2020 2021 2020 RM million RM million RM million RM million Income statements Current income tax - Malaysian income tax 14 8 - 1 - Foreign tax 72 62 - - - Over provision in prior years (12) - - - 74 70 - 1 Deferred tax (Note 35): - Relating to origination/reversal of temporary differences 94 - - - 168 70 - 1 Reconciliation between tax expense and accounting profit: The reconciliation between tax expense and profit before tax multiplied by the applicable tax rates for the financial years ended 31 January 2021 and 2020 are as follows: Group Company 2021 2020 2021 2020 RM million RM million RM million RM million Profit before tax 580 331 249 223 Tax at Malaysian statutory tax rate of 24% (2020: 24%) 139 79 60 53 Income not subject to tax (29) (15) (106) (97) Expenses not deductible for tax purposes 95 45 46 45 Different tax rates of subsidiaries in various national jurisdictions (18) (17) - - Changes in deferred tax assets not recognised 3 - - - Utilisation of previously unrecognised deferred tax assets - (4) - - Share of results of joint ventures and associates 6 (2) - - Perpetual securities distribution and expenses (16) (16) - - Over provision of tax expense in prior years (12) - - - Income tax expense recognised in profit or loss 168 70 - 1 Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2020: 24%) of the estimated assessable profit for the financial year. Taxation for other jurisdictions are calculated at the rates prevailing in the respective jurisdictions. The above reconciliation is prepared by aggregating separate reconciliations for each national jurisdiction.