322 YINSON HOLDINGS BERHAD ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 34. Deferred taxation Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriate offsetting, are shown in the statement of financial position: Group 2022 2021 RM million RM million Deferred tax assets 3 3 Deferred tax liabilities (192) (95) (189) (92) At 1 February (92) - Acquisition of a subsidiary - (1) Recognised in profit or loss (Note 13) (89) (94) Exchange differences (8) 3 At 31 January (189) (92) The components and movements of deferred taxes during the financial year are as follows: Tax losses Contract assets Accelerated capital allowances and others Total Group RM million RM million RM million RM million At 1 February 2020 1 - (1) - Acquisition of a subsidiary 1 - (2) (1) Recognised in profit or loss - (93) (1) (94) Exchange differences - 4 (1) 3 At 31 January 2021 and 1 February 2021 2 (89) (5) (92) Recognised in profit or loss - (88) (1) (89) Exchange differences - (6) (2) (8) At 31 January 2022 2 (183) (8) (189) As at the reporting date, the Group had unabsorbed tax losses and unutilised capital allowances of approximately RM337 million and RM445 million (2021: RM366 million and RM422 million respectively) that are available to offset against future taxable profits of the respective subsidiaries in which these unabsorbed tax losses and unabsorbed capital allowances arose, for which no deferred tax asset is recognised due to uncertainty of its recoverability. Except for certain unutilised tax losses of the Group amounting to RM23 million (2021: RM11 million) which are expected to expire between 2024 to 2031 (2021: 2024 to 2029), other tax losses have no expiry date.
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