36. FINANCE COST Group Bank 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Finance cost: Subordinated sukuk and capital securities 90,375 72,575 90,375 72,575 Profit expense on lease 16,796 17,312 16,781 17,303 107,171 89,887 107,156 89,878 37. TAX EXPENSE Group Bank 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Malaysian income tax: Current year 234,758 183,112 234,063 182,802 Under provision/(over provision) in prior year (282) 145,996 (261) 146,001 234,476 329,108 233,802 328,803 Deferred tax expense relating to origination and reversal of temporary differences arising from: Current year 6,567 (23,614) 6,567 (23,614) Under/(Over) provision in prior year 469 (147,853) – (147,933) 7,036 (171,467) 6,567 (171,547) 241,512 157,641 240,369 157,256 As per Finance Act 2021 gazetted on 31 December 2021, effective for Year of Assessment (“YA”) 2022, a special one-off tax (“Cukai Makmur”) was introduced on companies with chargeable income in excess of RM100.0 million. The excess is taxed at a rate of 33% (first RM100.0 million of chargeable income will be taxed at 24%). Tax expenses for YA 2022 above have been computed based on tax rates as described accordingly. A reconciliation of effective tax expense for the Group and the Bank are as follows: Group Bank 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Profit before tax 746,866 704,221 754,392 710,625 Income tax calculated using Malaysian tax rate of 24% 179,248 169,013 181,054 170,550 Income not subject to tax (5,154) (4,806) (4,897) (4,713) Non-deductible expenses 6,355 5,182 3,852 3,242 Impact of Cukai Makmur 63,818 (7,011) 63,818 (7,011) Zakat (3,191) (2,880) (3,197) (2,880) Deferred tax assets not recognised 249 – – – Under/(Over) provision in prior years 187 (1,857) (261) (1,932) 241,512 157,641 240,369 157,256 Financial Statements 323 01 05 03 07 02 06 09 04 08 Bank Islam Malaysia Berhad
RkJQdWJsaXNoZXIy NDgzMzc=