95 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 CONT’D 9. TAXATION (Cont’d) (c) The numerical reconciliation between the tax expense and the product of accounting profit multiplied by the applicable tax rates of the Group and of the Company are as follows: Group Company 2021 2020 2021 2020 RM RM RM RM Profit before taxation from continuing operations 40,684,004 21,319,771 19,490,231 5,037,487 Loss before taxation from discontinued operation - (2,103,799) - - 40,684,004 19,215,972 19,490,231 5,037,487 Tax at Malaysian statutory tax rate of 24% (2020: 24%) 9,764,161 4,611,833 4,677,655 1,208,997 Tax effects in respect of: Non-allowable expenses 4,565,068 10,781,527 1,516,861 3,172,538 Non-taxable income (2,304,024) (4,186,573) (6,496,778) (5,039,160) Higher tax rates in foreign jurisdiction 465,581 408,561 - - Utilisation of previously unrecognised deferred tax assets (1,339,614) (800,983) - - Deferred tax assets not recognised 1,119,224 1,079,449 308,410 638,886 12,270,396 11,893,814 6,148 (18,739) (Over)/Under-provision of income tax expense in prior years (82,421) 100,936 - (13,898) Under/(Over)-provision of deferred tax in prior years 353,206 203,802 37,042 (62,302) Tax expense for the financial year 12,541,181 12,198,552 43,190 (94,939) (d) Tax on each component of other comprehensive income is as follows: Group Before tax Tax effect After tax RM RM RM 2021 Foreign currency translations (2,041,361) - (2,041,361) 2020 Foreign currency translations (1,393,331) - (1,393,331) Remeasurement of defined benefit liability (Note 28) (521,325) 156,398 (364,927) (1,914,656) 156,398 (1,758,258)
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