Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 305 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. INCOME TAX EXPENSE (CONTD.) Reconciliation between tax expense and accounting profits A reconciliation of income tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the years ended 31 December 2023 and 2022 are as follows: 2023 RM’000 2022 RM’000 Group Profit before tax and zakat 63,654 93,773 Less: Zakat (1,160) (773) 62,494 93,000 Taxation at Malaysian statutory tax rate of 24% (2022: 24%) 14,999 22,320 Tax effect on share of profit of associates (2,056) (3,249) Tax effect on share of profit of a joint venture (1) (1) Income not subject to tax (914) (526) Foreign income not subject to tax (2,863) (4,347) Non-deductible expenses 26,722 23,297 Different tax rates in other countries (1,780) (1,816) Utilisation of previously unrecognised tax losses and unabsorbed capital allowances (6,067) (6,643) Deferred tax assets not recognised during the year 5,115 5,002 Capital gain tax - 3,612 (Over)/underprovision of deferred tax in prior years (1,079) 1,098 Underprovision of income tax expense in prior years 324 8,602 Income tax expense recognised in statement of comprehensive income 32,400 47,349 The above reconciliation is prepared by aggregating separate reconciliations for each national jurisdiction. 2023 RM’000 2022 RM’000 Company Profit before tax and zakat 24,306 45,164 Taxation at Malaysian statutory tax rate of 24% (2022: 24%) 5,833 10,839 Non-deductible expenses 9,234 12,800 Foreign income not subject to tax (1,674) (770) Income not subject to tax (13,567) (18,384) Utilisation of previously unrecognised tax losses and other deductible temporary differences 310 (4,460) Underprovision of income tax expense in prior years 350 6,930 Income tax expense recognised in statement of comprehensive income 486 6,955
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