200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 10. Income tax expense (cont'd) Reconciliation between income tax expense and accounting profit 2021 2020 2021 2020 RM RM RM RM Profit before tax 970,961 15,524,362 12,781,195 17,201,166 Taxation at Malaysian statutory tax rate of 24% (2020: 24%) 233,031 3,725,847 3,067,000 4,128,000 Different tax rates in other countries 1,598 1,579 - - Effect of expenses not deductible for tax purposes 1,126,022 2,127,692 342,000 181,000 Effect of income not subject to tax (84,792) (29,284) (3,245,000) (4,162,000) Deferred tax assets not recognised on unutilised tax losses, unabsorbed capital allowances and other temporary differences 700,509 1,984,494 - - Utilisation of current year's reinvestment allowances (19,940) (70,709) - - Share of tax of joint ventures 158,419 150,376 - - Overprovision of income tax in prior years (254,357) (145,702) (5) (231) Overprovision of deferred tax in prior years (161,497) (163,936) - - Income tax expense recognised in profit or loss 1,698,993 7,580,357 163,995 146,769 Group Company The reconciliations between income tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the years ended 31 December 2021 and 2020 are as follows: Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2020: 24%) of the estimated assessable profit for the year. - 59 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 K imlun Corporat ion Berhad Regi s t rat ion No. 200901023978 (867077-X) 119
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