MISC Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS 261 Financial Statements 28. DEFFERED TAX (CONT'D.) Deferred tax assets of the Group: (cont'd.) The unused tax losses and unabsorbed capital allowances of the Group, amounting to RM6,386,927,000 (2016: RM6,601,758,000) and RM29,773,000 (2016: RM29,773,000) respectively, are available indefinitely for offsetting against future taxable profits of the respective entities within the Group, subject to no substantial change in shareholdings of those entities under the Income Tax Act, 1967 and guidelines issued by the tax authority. The unused tax losses of the Corporation relate to the loss making non-resident ships and can be utilised to offset against future taxable profits. Deferred tax assets have not been recognised for certain subsidiaries with recent history of losses. 29. DEFERRED INCOME Group 2017 RM'000 2016 RM'000 At 1 January 846,270 67,201 Recognised during the year in income statement (138,963) - Advances received during the year 94,141 717,047 Currency translation differences (77,323) 62,022 At 31 December 724,125 846,270 Current (Note 25) 88,748 89,309 Non-current 635,377 756,961 724,125 846,270 Deferred income relates to time charter income paid in advance by customers.