Page 107 - ar2013.pdf

NOTES TO THE FINANCIAL STATEMENTS
For the Ànancial year ended 31 December 2013
105
Annual Report 2013
F i nanc i a l Statement s
9. Income taxes
(a) Income tax expense
The Group
2013 2012
$’000 $’000
Tax expense attributable to profit is made up of:
Profit for the financial year:
- Current income tax
- Singapore 718 714
- Foreign 34,505 68,306
35,223 69,020
- Deferred income tax (Note 29)
- Foreign (16,040) 18,049
19,183 87,069
(Over)/under provision in prior financial years:
- Current income tax
- Singapore (172) (109)
- Foreign (9,832) (39,351)
(10,004) (39,460)
- Deferred income tax (Note 29)
- Foreign (1,022) 12,233
8,157 59,842
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the
Singapore standard rate of income tax as follows:
The Group
2013 2012
$’000 $’000
Profit before tax and share of profit of associated companies 60,535 229,041
Tax calculated at a tax rate of 17% (2012: 17%) 10,291 38,937
Effects of:
- Change in tax rate in other countries 3,299 30,517
- Different tax rates in other countries (3,792) 6,799
- Tax incentives (987) (1,086)
- Income not subject to tax (72) (70)
- Expenses not deductible for tax purposes 5,547 10,457
- Utilisation of previously unrecognised deferred tax assets (10) –
- Deferred tax assets not recognised 4,858 1,082
- Others 49 433
Tax charge 19,183 87,069