Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 8 DEFERRED TAX ASSETS/(LIABILITIES) (CONTINUED) Group Company 2023 2022 2023 2022 RM’000 RM’000 RM’000 RM’000 Subject to income tax Deferred tax assets (before offsetting) - Unused tax losses 19,212 38,165 - - - Property, plant and equipment 250 258 - - - Provisions and accruals 15,757 16,683 - 4,321 - Unrealised foreign exchange losses 128 244 - - - Others 10 1,297 - - 35,357 56,647 - 4,321 Offsetting (8,638) (6,530) - (11) Deferred tax assets (after offsetting) 26,719 50,117 - 4,310 Deferred tax liabilities (before offsetting) - Property, plant and equipment (10,047) (9,439) (14) (11) - Unrealised foreign exchange gains (1,102) (150) - - - Others (6,446) (5,208) - - (17,595) (14,797) (14) (11) Offsetting 8,638 6,530 - 11 Deferred tax liabilities (after offsetting) (8,957) (8,267) (14) - The Group concluded that the deferred tax assets will be recoverable using the estimated future taxable income of the subsidiaries of the Company. It is estimated that the secured project and unsecured project with high probabilities of successful award which will contribute to the future taxable income at the subsidiaries. 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 2023 2022 RM’000 RM’000 Deductible temporary differences on: - Unused tax losses 95,040 125,995 - Unabsorbed capital allowances 106,609 107,039 - Provisions and accruals 24,490 15,980 - Others 52,387 45,685 278,526 294,699 Deferred tax assets not recognised is based on respective countries tax rate 62,319 66,802 Integrated Annual Report 2023 206
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