274 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 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 2023 RM million 2022 RM million Deferred tax assets 35 3 Deferred tax liabilities (330) (192) (295) (189) At 1 February (189) (92) Recognised in profit or loss (Note 13) (109) (89) Exchange differences 3 (8) At 31 January (295) (189) The components and movements of deferred taxes during the financial year were as follows: Group Tax losses RM million Contract assets RM million Accelerated capital allowances and others RM million Total RM million At 1 February 2021 2 (89) (5) (92) Recognised in profit or loss - (88) (1) (89) Exchange differences - (6) (2) (8) At 31 January 2022 and 1 February 2022 2 (183) (8) (189) Recognised in profit or loss 30 (138) (1) (109) Exchange differences (4) 3 4 3 At 31 January 2023 28 (318) (5) (295) 2022 Deferred tax assets (before offsetting) 2 - 4 6 Deferred tax liabilities (before offsetting) - (183) (12) (195) Net deferred tax assets/(liabilities) 2 (183) (8) (189) 2023 Deferred tax assets (before offsetting) 30 - 6 36 Deferred tax liabilities (before offsetting) (2) (318) (11) (331) Net deferred tax assets/(liabilities) 28 (318) (5) (295) As at the reporting date, the Group had unabsorbed tax losses and unutilised other deductible temporary differences of approximately RM270 million and RM489 million (2022: RM284 million and RM521 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 RM11 million (2022: RM23 million) which are expected to expire between 2024 to 2031 (2022: 2024 to 2031), other tax losses have no expiry date.
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