NOTES TO THE FINANCIAL STATEMENTS Registration No. 200301030845 (633265-K) - 117 - 30. Taxation (Cont’d) Malaysian income tax is calculated at the statutory tax rate of 24% of the estimated assessable profit for the financial year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. A reconciliation of income tax expense applicable to profit/(loss) before tax at the statutory income tax rate to income tax expense at the effective income tax rate of the Group and of the Company is as follows: 2021 2020 2021 2020 RM RM RM RM Profit/(Loss) before tax 5,264,629 (192,961,454) (12,126,548) (12,044,937) Taxation at statutory tax rate of 24% 1,263,511 (46,310,749) (2,910,372) (2,890,785) Effects of tax rates in other countries 580,416 1,051,251 - - Income not subject to tax (1,736,224) (2,874,941) (4,176) (133,757) Expenses not deductible for tax purposes 858,253 16,233,199 754,134 1,039,110 Utilisation of previously unrecognised deferred tax assets (4,625,196) (1,434,609) - - Deferred tax assets not recognised 3,782,285 29,931,368 2,160,414 1,985,432 Under provision of deferred tax in prior year - 576,735 - - Under provision of income tax expense in prior years 2,677,079 51,128 928,577 - 2,800,124 (2,776,618) 928,577 - Group Company The Group and the Company have the following unutilised tax losses and unabsorbed capital allowances available to carry forward to offset against future taxable profits. The said amounts are subjected to approval by the tax authorities. 2021 2020 2021 2020 RM RM RM RM Unutilised tax losses 140,894,882 143,884,070 23,175,909 14,248,788 Unabsorbed capital allowances 14,084,635 14,576,302 455,090 393,645 154,979,517 158,460,372 23,630,999 14,642,433 Group Company 194 DESTINI BERHAD • ANNUAL REPORT 2021
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