p 201 MISC BERHAD - Annual Report 2014 9. Taxation (cont’d.) A reconciliation of income tax expense applicable to profit before taxation at the statutory income tax rate to income tax expense at the effective income tax rate of the Group and of the Corporation is as follows: Group Corporation 2014 2013 2014 2013 RM’000 RM’000 RM’000 RM’000 Profit before taxation from continuing operations 2,410,348 2,227,727 1,534,864 1,337,831 Profit before taxation from discontinued operations – 3,783 – 7,637 Accounting profit before taxation 2,410,348 2,231,510 1,534,864 1,345,468 Taxation at Malaysian statutory tax rate of 25% 602,587 557,878 383,716 336,367 Effect of different tax rates in other countries/jurisdictions (238,976) (42,412) – – Effect on changes in tax rates on opening balance of deferred tax – 181 – – Income not subject to tax: Tax exempt shipping income (496,950) (531,446) (179,819) (193,123) Other tax exempt income (12,722) (16,843) (438,285) (311,815) Expenses not deductible for tax purposes 419,653 418,954 218,948 162,138 Effect of share of results of associates and joint ventures (146,287) (293,864) – – Utilisation of current year’s investment tax allowance (22,199) (38,050) – – Deferred tax assets recognised on unutilised investment tax allowances (25,565) (24,577) – – Net deferred tax assets not recognised during the year 15,719 8,446 15,440 6,433 Deferred tax over provided in prior year (2,727) (40,461) – – Income tax (over)/under provided in prior year (2,222) 4,176 – – Taxation for the year 90,311 1,982 – –
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