EXCEL FORCE MSC BERHAD 95 Notes to the Financial Statements (cont’d) 26. TAXATION (CONT’D) A reconciliation of income tax expenses applicable to profit before tax at the statutory income tax rate to income tax expenses at the effective income tax rate of the Group and of the Company are as follows: Group Company 2021 2020 2021 2020 RM RM RM RM Profit before tax 16,885,529 14,174,969 17,148,015 13,814,830 At Malaysian statutory tax rate of 24% (2020: 24%) 4,052,527 3,401,993 4,115,524 3,315,559 Expenses not deductible for tax purposes 337,565 712,943 326,781 660,068 Income not subject to tax (168,572) (925,129) (183,243) (922,342) Deferred tax assets not recognised 378,954 290,512 182,679 290,512 Utilisation of previously unrecognised deferred tax assets (133,919) (132,476) - - Under provision of income tax in prior years 239,219 61,019 239,219 56,540 Tax expenses for the financial year 4,705,774 3,408,862 4,680,960 3,400,337 The Group have estimated unused tax losses and unutilised capital allowances of RM812,503 and RM5,311 (2020: RM437,641 and RM Nil) available for carry forward to offset against future taxable profits. The said amounts are subject to approval by the tax authorities. 27. DEFERRED TAX The net deferred tax liabilities and assets shown on the statements of financial position after appropriate offsetting are as follows: Group Company 2021 2020 2021 2020 RM RM RM RM Deferred tax liabilities 150,087 111,938 122,798 70,235 Deferred tax assets (150,087) (111,938) (122,798) (70,235) - - - -
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