NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 12. INCOME TAX (BENEFIT)/EXPENSE (CONT’D.) The reconciliation between tax (benefit)/expense and the product of accounting loss multiplied by the applicable corporate tax rate are as follows: 2022 2021 RM’000 RM’000 Group Loss before tax (472,360) (35,982) Taxation at Malaysian statutory tax rate of 24% (2021: 24%) (113,366) (8,636) Tax incentive and income not subject to tax (7,116) (4,937) Expenses not deductible for tax purposes 40,347 10,006 Effect on income taxed under real property gain tax 1,643 465 Deferred tax recognised at different tax rate (773) (5,079) Deferred tax assets not recognised 23,818 2,398 Utilisation of previously unrecognised tax losses and unabsorbed capital allowances (5,175) (33) Share of results of joint ventures (2,564) (5,341) Share of results of an associate 1,063 (4,461) Underprovision of deferred tax in prior year 13,837 6,237 (Over)/underprovision of tax expense in prior years (13,477) 3,974 Overprovision of real property gain tax in prior years – (502) Income tax benefit (61,763) (5,909) Company Loss before tax (31,738) (41,369) Taxation at Malaysian statutory tax rate of 24% (2021: 24%) (7,617) (9,929) Income not subject to tax (749) (5,449) Expenses not deductible for tax purposes 8,612 15,993 (Over)/underprovision of deferred tax in prior year (7) 5 Overprovision of tax expense in prior years (142) (23) Income tax expense 97 597 Tax savings during the financial year arising from: Group 2022 2021 RM’000 RM’000 Utilisation of previously unused tax losses and unabsorbed capital allowances 21,563 138 202 ANNUAL REPORT 2022
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