NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 CONT’D 9. TAXATION Group Company 2023 2022 2023 2022 RM RM RM RM Current tax expense based on profit for the financial year: Malaysia income tax 9,663,857 8,744,059 605,488 50,870 Foreign income tax 3,989,026 2,559,715 - - Under/(Over)-provision in prior years 782,993 232,640 (29,260) - 14,435,876 11,536,414 576,228 50,870 Deferred tax (Note 18): Relating to origination and reversal of temporary differences (1,761,596) 746,170 (1,231,331) 20,509 (Over)/Under-provision in prior years (1,331,188) (42,045) 21,259 (34,805) (3,092,784) 704,125 (1,210,072) (14,296) Tax expense/(benefit) for the financial year 11,343,092 12,240,539 (633,844) 36,574 (a) The Malaysian income tax is calculated at the statutory tax rate of 24% (2022: 24%) of the estimated taxable profits for the fiscal year. (b) Taxation for other taxation authorities are calculated at the rates prevailing in those respective jurisdictions. (c) The numerical reconciliation between the tax expense and the product of accounting profit multiplied by the applicable tax rates of the Group and of the Company are as follows: Group Company 2023 2022 2023 2022 RM RM RM RM Profit before taxation 40,162,694 40,565,499 22,343,674 37,357,766 Tax at Malaysian statutory tax rate of 24% (2022: 24%) 9,639,046 9,735,720 5,362,482 8,965,864 Tax effects in respect of: Non-allowable expenses 3,869,875 3,608,237 354,409 477,465 Non-taxable income (2,092,114) (2,426,848) (4,773,433) (9,836,836) Higher/(Lower) tax rates in foreign jurisdiction 8,942 (1,537) - - Utilisation of previously unrecognised deferred tax assets (1,787,102) (695,207) (1,569,301) - Deferred tax assets not recognised 2,252,640 1,829,579 - 464,886 11,891,287 12,049,944 (625,843) 71,379 Under/(Over)-provision of income tax expense in prior years 782,993 232,640 (29,260) - (Over)/Under-provision of deferred tax in prior years (1,331,188) (42,045) 21,259 (34,805) Tax expense/(benefit) for the financial year 11,343,092 12,240,539 (633,844) 36,574 99 ANNUAL REPORT 2023
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