269 INTEGRATED ANNUAL REPORT 2024 Key Messages Financial Statements Other Information NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Overview of Wasco Berhad Value Creation Commitment to Governance Sustainability Journey 32 TAX EXPENSE (CONTINUED) Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Current tax: - Current financial year 56,309 42,989 1,684 - - (Over)/Under provision in prior financial years (10,329) 1,209 - 341 45,980 44,198 1,684 341 Deferred taxation - Origination and reversal of temporary differences 8,759 23,935 (14) 4,324 Tax expense recognised in profit or loss 54,739 68,133 1,670 4,665 Recognition and measurement Current tax expense is determined according to the tax laws of each jurisdiction in which the Group and the Company operate and include all taxes based upon the taxable profits after taking into consideration available tax incentives. Current taxes are recognised in profit or loss except to the extent that the tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity. The numerical reconciliation between the tax expense and the product of accounting profit multiplied by the statutory tax rate is as follows: Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Profit before tax 221,059 218,256 193,416 17,155 Calculated at the Malaysian tax rate of 24% (2023: 24%) 53,054 52,381 46,420 4,117 Expenses not deductible for tax purposes 24,318 38,418 10,334 995 Income not subject to tax (17,282) (15,339) (55,928) (5,112) Utilisation of previously unrecognised tax losses and unabsorbed capital allowances (3,081) (15,218) - - Current financial year deferred tax assets not recognised 8,442 2,700 - - Reversal of previously recognised deferred tax assets 6,390 6,723 - 4,324 Utilisation of tax incentives - (170) - - Effect of different tax rates in other countries (3,547) (2,049) - - (Over)/Under provision in prior financial years (10,329) 1,209 - 341 Share of associates and joint ventures results (6,721) (1,372) - - Others 3,495 850 844 - Tax expense recognised in profit or loss 54,739 68,133 1,670 4,665
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