NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
128
COSCO Corporation (Singapore) Limited
29.
Deferred income taxes
(continued)
The Group
Deferred income tax assets
2014
2013
$’000
$’000
Tax losses
Currency translation differences
(565)
–
Credited to profit or loss
(14,289)
–
End of financial year
(14,854)
–
Provisions and accruals
Beginning of financial year
(225,294)
(202,016)
Change in tax rate
–
3,299
Currency translation differences
(6,243)
(13,257)
Credited to profit or loss
(21,678)
(13,320)
End of financial year
(253,215)
(225,294)
Total
Beginning of financial year
(225,294)
(202,016)
Change in tax rate
–
3,299
Currency translation differences
(6,808)
(13,257)
Credited to profit or loss
(35,967)
(13,320)
End of financial year
(268,069)
(225,294)
Reconciliation of total deferred income tax assets after appropriate offsetting from the same tax jurisdiction
is as follows:
The Group
2014
2013
$’000
$’000
Total deferred income tax assets
(268,069)
(225,294)
Offsetting of deferred income tax liabilities from the
same tax jurisdiction
168
82
Total deferred income tax assets after appropriate offsetting
from the same tax jurisdiction
(267,901)
(225,212)
The Company
Deferred income tax liabilities
2014
2013
$’000
$’000
Undistributed profits of foreign subsidiaries
Beginning of financial year
398
7,302
Currency translation differences
12
137
Charged/(credited) to profit or loss
294
(7,041)
End of financial year
704
398
