272 YINSON HOLDINGS BERHAD ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 13. Income tax expense (continued) Reconciliation between tax expense and accounting profit: The reconciliation between tax expense and profit before tax multiplied by the applicable tax rates for the financial years ended 31 January 2022 and 2021 are as follows: Group Company 2022 2021 2022 2021 RM million RM million RM million RM million Profit before tax 716 580 23 249 Tax at Malaysian statutory tax rate of 24% (2021: 24%) 172 139 6 60 Income not subject to tax (39) (29) (32) (106) Expenses not deductible for tax purposes 133 135 27 46 Different tax rates of subsidiaries in various national jurisdictions (57) (58) - - Changes in deferred tax assets not recognised 1 3 - - Utilisation of previously unrecognised deferred tax assets (2) - - - Share of results of joint ventures and associates (2) 6 - - Perpetual securities distribution and expenses (16) (16) - - Under/(Over) provision of tax expense in prior years 2 (12) 1 - Income tax expense recognised in profit or loss 192 168 2 - Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2021: 24%) of the estimated assessable profit for the financial year. Taxation for other jurisdictions are calculated at the rates prevailing in the respective jurisdictions. The above reconciliation is prepared by aggregating separate reconciliations for each national jurisdiction.
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