101 www.excelforce.com.my Notes to the Financial Statements (cont’d) 28. Taxation Group Company 1.7.2023 to 30.6.2024 1.1.2022 to 30.6.2023 1.7.2023 to 30.6.2024 1.1.2022 to 30.6.2023 RM RM RM RM Tax expenses recognised in profit or loss Current tax - Current year 2,504,547 4,200,350 - 3,895,324 - Over provision in prior years (144,725) (26,985) (144,174) (26,096) 2,359,822 4,173,365 (144,174) 3,869,228 Deferred tax - Origination and reversal of temporary differences 640,059 396,204 679,018 391,261 2,999,881 4,569,569 534,844 4,260,489 Malaysian income tax is calculated at the statutory tax rate of 24% (2023: 24%) of the estimated assessable profits for the financial year/period. A reconciliation of income tax expenses applicable to profit before tax at the statutory tax rate to income tax expenses at the effective income tax of the Group and of the Company are as follows: Group Company 1.7.2023 to 30.6.2024 1.1.2022 to 30.6.2023 1.7.2023 to 30.6.2024 1.1.2022 to 30.6.2023 RM RM RM RM Profit before tax 11,281,453 16,353,838 2,207,632 17,049,543 At Malaysian statutory tax rate of 24% (2023: 24%) 2,707,549 3,924,921 529,832 4,091,890 Expenses not deductible for tax purposes 317,307 372,160 103,556 366,428 Income not subject to tax (289,867) (39,265) (179,510) (171,733) Deferred tax assets not recognised 409,617 338,738 225,140 - Over provision of income tax in prior years (144,725) (26,985) (144,174) (26,096) 2,999,881 4,569,569 534,844 4,260,489 The Group and the Company have the estimated unutilised tax losses and unutilised capital allowances to carry forward, available to offset against future taxable profits. The said amounts are subject to approval by the tax authorities. Group Company 2024 2023 2024 2023 RM RM RM RM Unutilised tax losses 2,857,717 1,379,863 936,375 - Unutilised capital allowances 999,263 755,780 19,475 - 3,856,980 2,135,643 955,850 -
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