200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 10. Income tax expense (cont'd) Reconciliation between income tax expense and accounting (loss)/profit 2022 2021 2022 2021 RM RM RM RM (Loss)/Profit before tax (3,698,474) 970,961 4,433,487 12,781,195 Taxation at Malaysian statutory tax rate of 24% (2021: 24%) (887,634) 233,031 1,064,000 3,067,000 Different tax rates in other countries 3,202 1,598 - - Effect of expenses not deductible for tax purposes 2,817,621 1,126,022 244,000 342,000 Effect of income not subject to tax (386,406) (84,792) (1,200,000) (3,245,000) Effect of foreign income tax 25,223 - - - Deferred tax assets not recognised on unutilised tax losses, unabsorbed capital allowances and other temporary differences 1,414,587 700,509 - - Utilisation of current year's reinvestment allowances (39,713) (19,940) - - Share of tax of joint ventures 696,867 158,419 - - Overprovision of income tax in prior years (368,147) (254,357) (45) (5) Under/(Over) provision of deferred tax in prior years 317,174 (161,497) - - Income tax expense recognised in profit or loss 3,592,774 1,698,993 107,955 163,995 The reconciliations between income tax expense and the product of accounting (loss)/profit multiplied by the applicable corporate tax rate for the years ended 31 December 2022 and 2021 are as follows: Group Company Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2021: 24%) of the estimated assessable profit for the year. - 62 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 Kimlun Corporation Berhad | Registration No. 200901023978 (867077-X) 127
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