MISC BERHAD - Annual Report 2014 p 200 9. Taxation Group Corporation 2014 2013 2014 2013 RM’000 RM’000 RM’000 RM’000 Current income tax - continuing operations: Malaysian income tax 28,162 31,831 – – Foreign tax 80,544 14,221 – – (Over)/underprovision in prior year: Malaysian income tax (2,222) 4,176 – – 106,484 50,228 – – Deferred tax - continuing operations: Relating to origination and reversal of temporary differences (13,446) (7,258) – – Overprovision in prior year (2,727) (40,461) – – (16,173) (47,719) – – Taxation attributable to continuing operations 90,311 2,509 – – Taxation attributable to discontinued operations – (527) – – Taxation for the year 90,311 1,982 – – Domestic current income tax is calculated at the statutory tax rate of 25% (2013: 25%) of the estimated assessable profit for the financial year. The domestic statutory tax rate will be reduced to 24% from the current year’s rate of 25%, effective year of assessment 2016. The computation of deferred tax as at 31 December 2014 did not reflect these changes as the effect is not significant. NOTESTOTHE FINANCIAL STATEMENTS - 31 December 2014
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