QL Resources Berhad (428915-X)
112
24. Tax expense (Cont’d)
Group Company
2016 2015 2016 2015
RM’000 RM’000 RM’000 RM’000
Current tax expense
- current year 43,186 44,125 830 1,306
- under/(over) provision in prior years 1,507 270 (430) 11
44,693 44,395 400 1,317
Deferred tax expense
- origination and reversal of temporary differences 6,935 9,956 - -
- over provision in prior years (3,908) (4,316) - -
3,027 5,640 - -
Share of tax of equity
- accounted associates 3,284 7,847 - -
Total tax expense 51,004 57,882 400 1,317
Reconciliation of tax expense
Profit for the year 201,761 195,940 113,186 96,315
Total income tax expense 51,004 57,882 400 1,317
Profit excluding tax 252,765 253,822 113,586 97,632
Income tax calculated using
Malaysian tax rate of
24% (2015: 25%) 60,664 63,455 27,261 24,408
Effect of change in tax rate* - (721) - -
Effect of tax rates in
foreign jurisdictions (489) 651 - -
Non-deductible expenses 14,892 13,591 387 804
Tax exempt income (5,327) (1,309) (26,818) (23,906)
Tax incentives (14,759) (11,818) - -
Effect of temporary differences
not recognised (1,524) (1,935) - -
Crystalisation of deferred tax
liabilities arising from
revaluation reserve (164) (164) - -
(Over)/Under provision in prior years (2,401) (4,046) (430) 11
Others 112 178 - -
Tax expense 51,004 57,882 400 1,317
* In the Malaysian Budget 2014, it was announced that corporate income tax rate will be reduced to 24% for the
year assessment 2016 (“YA2016”) onwards. Consequently, any temporary differences are expected to be reversed
in YA2016 onwards are measured using this rate.
Notes to the Financial Statements
(Cont’d.)
