Wah Seong Corporation Berhad Annual Report 2021 138 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 8 DEFERRED TAX ASSETS/(LIABILITIES) (CONTINUED) The Group did not recognise deferred tax assets arising from the following temporary differences of certain subsidiaries as it is not probable that future taxable profit will be available against which the deferred tax assets can be utilised in these subsidiaries. Group 2021 2020 RM’000 RM’000 Deductible temporary differences on: - Unused tax losses 278,687 280,925 - Unabsorbed capital allowances 128,246 130,071 - Provisions and accruals 12,750 11,595 - Others 80,341 76,482 500,024 499,073 Deferred tax assets not recognised is based on respective countries tax rate 80,557 81,214 Under the Malaysia Finance Act 2021 gazetted on 31 December 2021, the Group’s accumulated unused tax losses, for which no deferred tax assets were recognised on, can be carried forward for another 10 consecutive years (2020: 7 consecutive years) of assessment (YA) effective from YA2019. Group Expiring in 2021 2020 RM’000 RM’000 Unused tax losses - YA2018 YA2028 59,813 75,472 - YA2019 YA2029 39,137 43,453 - YA2020 YA2030 27,187 23,121 - YA2021 YA2031 2,473 - 128,610 142,046 9 INVESTMENT IN SUBSIDIARIES Company 2021 2020 RM’000 RM’000 Unquoted shares, at cost 923,730 923,730 Accumulated impairment losses (181,650) (173,526) 742,080 750,204 Advances to subsidiaries (net investment) 26,345 32,393 768,425 782,597 Advances to subsidiaries for long term working capital purposes represent an extension of capital to the subsidiaries and are as such net investment.
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