NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 33 FINANCE COSTS Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Interest expense on: - loans and borrowings 32,139 22,553 4,097 4,470 - lease liabilities 11,718 11,900 - - - discounting factor on long term deposits 1,520 1,695 - - 45,377 36,148 4,097 4,470 34 TAX EXPENSE/(CREDIT) Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Current tax: - Malaysian income tax 13,598 8,615 494 (187) - Foreign taxation 39,523 4,912 - - 53,121 13,527 494 (187) Deferred taxation (Note 8) (14,230) (1,919) (368) (337) 38,891 11,608 126 (524) Current tax: - Current financial year 47,889 12,992 539 229 - Under/(Over) accrual in prior financial years 5,232 535 (45) (416) 53,121 13,527 494 (187) Deferred taxation (Note 8) - Origination and reversal of temporary differences (14,230) (1,919) (368) (337) Tax expense/(credit) recognised in profit or loss 38,891 11,608 126 (524) Wah Seong Corporation Berhad Annual Report 2022 184
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