Wah Seong Corporation Berhad Annual Report 2021 179 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 33 FINANCE COSTS Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Interest expense on: - loans and borrowings 22,553 32,537 4,470 6,081 - lease liabilities 11,900 10,854 - - - discounting factor on long term deposits 1,695 - - - 36,148 43,391 4,470 6,081 34 TAX EXPENSE/(CREDIT) Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Current tax: - Malaysian income tax 8,615 6,235 (186) 2,090 - Foreign taxation 4,912 13,467 - - 13,527 19,702 (186) 2,090 Deferred taxation (Note 8) (1,919) 18,976 (338) (1,150) 11,608 38,678 (524) 940 Current tax: - Current financial year 12,992 21,492 230 1,879 - Under/(Over) accrual in prior financial years 535 (1,790) (416) 211 13,527 19,702 (186) 2,090 Deferred taxation (Note 8) - Origination and reversal of temporary differences (1,919) 18,976 (338) (1,150) Tax expense/(credit) recognised in profit or loss 11,608 38,678 (524) 940
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