296 WASCO BERHAD SECTION 6 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025 31 TAX EXPENSE/(CREDIT) Group Company 2025 RM’000 2024 RM’000 2025 RM’000 2024 RM’000 Current tax: - Malaysian income tax 16,317 51,004 (142) 1,684 - Foreign taxation 23,220 (5,024) - - 39,537 45,980 (142) 1,684 Deferred taxation (Note 7) 201 8,759 (4) (14) 39,738 54,739 (146) 1,670 Current tax: - Current financial year 38,775 56,309 37 1,684 - Under/(over) provision in prior financial years 762 (10,329) (179) - 39,537 45,980 (142) 1,684 Deferred taxation - Origination and reversal of temporary differences 201 8,759 (4) (14) Tax expense/(credit) recognised in profit or loss 39,738 54,739 (146) 1,670 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/(credit) and the product of accounting profit multiplied by the statutory tax rate is as follows: Group Company 2025 RM’000 2024 RM’000 2025 RM’000 2024 RM’000 Profit before tax 198,066 221,059 44,011 193,416 Calculated at the Malaysian tax rate of 24% (2024: 24%) 47,536 53,054 10,563 46,420 Expenses not deductible for tax purposes 10,697 24,318 1,659 10,334 Income not subject to tax (25,218) (17,282) (12,190) (55,928) Utilisation of previously unrecognised tax losses and unabsorbed capital allowances (6,853) (3,081) - - Current financial year deferred tax assets not recognised 15,761 8,442 - - Reversal of previously recognised deferred tax assets - 6,390 - - Utilisation of tax incentives (9) - - - Effect of different tax rates in other countries (7,251) (3,547) - - Under/(over) provision in prior financial years 762 (10,329) (178) - Share of associates and joint ventures results 2,860 (6,721) - - Others 1,453 3,495 - 844 Tax expense/(credit) recognised in profit or loss 39,738 54,739 (146) 1,670
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