200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 9. Income tax expense (cont'd) Reconciliation between income tax expense and accounting profit/(loss) 2023 2022 2023 2022 RM RM RM RM Profit/(loss) before tax 13,055,155 (3,698,474) (8,066,917) 4,433,487 Taxation at Malaysian statutory tax rate of 24% (2022: 24%) 3,133,238 (887,634) (1,936,000) 1,064,000 Different tax rates in other countries 1,934 3,202 - - Effect of expenses not deductible for tax purposes 3,487,393 2,817,621 3,038,000 244,000 Effect of income not subject to tax (1,113,064) (386,406) (960,000) (1,200,000) Effect of foreign income tax - 25,223 - - Deferred tax assets not recognised on unutilised tax losses, unabsorbed capital allowances and other temporary differences 166,922 1,414,587 - - Utilisation of current year's reinvestment allowances (67,708) (39,713) - - Share of tax of joint ventures 754,272 696,867 - - Overprovision of income tax in prior years (1,776,246) (368,147) 21,393 (45) Underprovision of deferred tax in prior years 1,590,565 317,174 - - Income tax expense recognised in profit or loss 6,177,306 3,592,774 163,393 107,955 Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2022: 24%) of the estimated assessable profit/(loss) for the year. The reconciliations between income tax expense and the product of accounting profit/(loss) multiplied by the applicable corporate tax rate for the years ended 31 December 2023 and 2022 are as follows: Group Company - 43 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 113 Annual Report 2023
RkJQdWJsaXNoZXIy NDgzMzc=