NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
105
Annual Report 2014
9.
Income taxes
(a)
Income tax (credit)/expense
The Group
2014
2013
$’000
$’000
Tax (credit)/expense attributable to profit is made up of:
Profit for the financial year:
Current income tax
- Singapore
851
718
- Foreign
34,090
34,505
34,941
35,223
Deferred income tax (Note 29)
- Foreign
(39,494)
(16,040)
(4,553)
19,183
(Over)/under provision in prior financial years:
Current income tax
- Singapore
(228)
(172)
- Foreign
(8,070)
(9,832)
(8,298)
(10,004)
Deferred income tax (Note 29)
- Foreign
3,825
(1,022)
(9,026)
8,157
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
2014
2013
$’000
$’000
Profit before tax and share of profit of associated companies
17,448
60,535
Tax calculated at a tax rate of 17% (2013: 17%)
2,966
10,291
Effects of:
- Change in tax rate in other countries
–
3,299
- Different tax rates in other countries
(4,650)
(3,792)
- Tax incentives
(4,001)
(987)
- Income not subject to tax
(128)
(72)
- Expenses not deductible for tax purposes
4,686
5,547
- Utilisation of previously unrecognised deferred tax assets
(1,899)
(10)
- Deferred tax assets not recognised
554
4,858
- Recognition of previously unrecognised deferred tax assets
(2,110)
–
- Over provision of current income tax in prior years
(8,298)
(10,004)
- Under/(over) provision of deferred income tax in prior years
3,825
(1,022)
- Others
29
49
Tax (credit)/charge
(9,026)
8,157
