Section 8 UEM Edgenta Berhad FINANCIAL STATEMENTS 304 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. INCOME TAX EXPENSE Major components of income tax expense Major components of income tax expense for the years ended 31 December 2023 and 2022 are: Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Current income tax: - Malaysian income tax 21,336 18,097 136 25 - Foreign tax 28,205 22,310 - - - Capital gain tax# - 3,612 - - 49,541 44,019 136 25 (Over)/underprovision of income tax in prior years: - Malaysian income tax* (79) 7,345 350 6,930 - Foreign tax 403 1,257 - - 324 8,602 350 6,930 49,865 52,621 486 6,955 Deferred tax (Note 24): - Relating to origination and reversal of temporary differences (16,386) (6,370) - - - (Over)/underprovision in prior years (1,079) 1,098 - - (17,465) (5,272) - - Income tax recognised in profit or loss 32,400 47,349 486 6,955 # Relates to capital gain tax paid to tax authority upon disposal of an associate in the previous financial year in India as disclosed in Note 19. * Included in the underprovision of Malaysian income tax in the previous financial year was an amount of RM5.3 million recorded resulted from out-of-court settlement with Director General of Inland Revenue Board (“DGIR”). Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2022: 24%) of the estimated assessable profit for the year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. Profits derived from overseas branch operations are not subject to Malaysian tax.
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