235 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 ACCOUNTABILITY (FINANCIAL STATEMENTS) 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 2023 and 2022 were as follows: Group Company 2023 RM million 2022 RM million 2023 RM million 2022 RM million Profit before tax 855 716 142 23 Tax at Malaysian statutory tax rate of 24% (2022: 24%) 205 172 34 6 Income not subject to tax (149) (39) (85) (32) Expenses not deductible for tax purposes 315 133 56 27 Different tax rates of subsidiaries in various national jurisdictions (79) (57) - - Changes in deferred tax assets not recognised 2 1 - - Utilisation of previously unrecognised deferred tax assets (14) (2) - - Share of results of joint ventures and associates 3 (2) - - Perpetual securities distribution and expenses (17) (16) - - Under provision of tax expense in prior years 1 2 - 1 Income tax expense recognised in profit or loss 267 192 5 2 Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2022: 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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