185 MISC BERHAD Annual Report 2015 9. Taxation Group Corporation 2015 2014 2015 2014 RM’000 RM’000 RM’000 RM’000 Current income tax: Malaysian income tax 22,538 28,162 – – Foreign tax 16,192 80,544 – – Overprovision in prior year: Malaysian income tax (5,448) (2,222) – – Foreign tax (1,129) – – – 32,153 106,484 – – Deferred tax: Relating to origination and reversal of temporary differences 631 (13,446) – – Overprovision in prior year (1,034) (2,727) – – (403) (16,173) – – Taxation for the year 31,750 90,311 – – Domestic current income tax is calculated at the statutory tax rate of 25% (2014: 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 2015 has reflected these changes.
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