ACCOUNTABILITY | FINANCIAL STATEMENTS 241 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 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 2024 and 2023 were as follows: Group Company 2024 RM million 2023 RM million 2024 RM million 2023 RM million Profit before tax 1,695 855 33 142 Tax at Malaysian statutory tax rate of 24% (2023: 24%) 407 205 8 34 Income not subject to tax (144) (149) (62) (85) Expenses not deductible for tax purposes 220 315 56 56 Different tax rates of subsidiaries in various national jurisdictions (78) (79) - - Changes in deferred tax assets not recognised 151 2 - - Utilisation of previously unrecognised deferred tax assets (3) (14) - - Share of results of joint ventures and associates 2 3 - - Perpetual securities distribution and expenses (22) (17) - - Under provision of tax expense in prior years 20 1 - - Income tax expense recognised in profit or loss 553 267 2 5 Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2023: 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.
RkJQdWJsaXNoZXIy NDgzMzc=