Wah Seong Corporation Berhad Annual Report 2021 137 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 8 DEFERRED TAX ASSETS/(LIABILITIES) Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriate offsetting, are shown in the statements of financial position: Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Deferred tax assets 37,447 35,364 3,942 3,605 Deferred tax liabilities (9,506) (9,746) - - 27,941 25,618 3,942 3,605 At 1 January 25,618 40,652 3,605 2,455 Credited/(Charged) to profit or loss (Note 34): - Unused tax losses 621 (15,574) - - - Property, plant and equipment (79) (6,987) 43 (138) - Provisions and accruals 1,463 3,424 294 1,288 - Unrealised foreign exchange (447) 798 - - - Others 361 (637) - - 1,919 (18,976) 337 1,150 Disposal of subsidiaries - 3,507 - - Effect of exchange rate changes 404 435 - - At 31 December 27,941 25,618 3,942 3,605 Subject to income tax Deferred tax assets (before offsetting) - Unused tax losses 27,729 26,665 - - - Property, plant and equipment 292 272 25 - - Provisions and accruals 12,794 11,278 3,917 3,623 - Unrealised foreign exchange losses 46 230 - - - Others 1,374 838 - - 42,235 39,283 3,942 3,623 Offsetting (4,788) (3,919) - (18) Deferred tax assets (after offsetting) 37,447 35,364 3,942 3,605 Deferred tax liabilities (before offsetting) - Property, plant and equipment (9,465) (9,367) - (18) - Unrealised foreign exchange gains (336) (74) - - - Others (4,493) (4,224) - - (14,294) (13,665) - (18) Offsetting 4,788 3,919 - 18 Deferred tax liabilities (after offsetting) (9,506) (9,746) - - The Group concluded that the deferred tax assets will be recoverable using the estimated future taxable income of the subsidiaries of the Company. There are secured project and unsecured project with high probabilities which contributed to the future taxable income at the subsidiaries.
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