MKH Annual Report 2020

174 FINANCIAL STATEMENTS ANNUAL REPORT 2020 18. LAND HELD FOR PROPERTY DEVELOPMENT (CONT’D) Included in land held for property development are: (i) freehold land amounting to RM83,071,651 (2019: RM92,757,573) which have been pledged for term loan and revolving credit facilities granted to certain subsidiaries as disclosed in Note 32; (ii) leasehold land amounting to RM19,040,009 (2019: RM19,040,009) which have been charged for revolving credit facilities granted to certain subsidiaries as disclosed in Note 32; and (iii) freehold and leasehold land amounting to RM305,498,452 (2019: RM319,187,214) represent entitlements of the landowners pursuant to joint land development agreements to undertake property development projects. The titles to the development land will be transferred from landowners to the property purchasers. 19. DEFERRED TAX ASSETS AND LIABILITIES The Group The Company 2020 RM 2019 RM 2020 RM 2019 RM Deferred tax assets At beginning of year 47,382,713 49,602,802 - - Recognised in profit or loss  (Note 8) (3,302,184) (2,220,089) - - At end of year 44,080,529 47,382,713 - - Deferred tax liabilities At beginning of year (64,327,355) (64,124,182) (93,500) (92,226) Recognised in profit or loss  (Note 8) 4,081,703 1,095,998 (4,996) (1,274) Recognised in other  comprehensive income (Note 8) (841,917) (997,750) (15,932) - Effect of movements in  exchange rate 110,498 (301,421) - - At end of year (60,977,071) (64,327,355) (114,428) (93,500)