Financial Statements Notes to the Financial Statements 31. INCOME TAX EXPENSE Group Company 2023 2022 2023 2022 Note RM’000 RM’000 RM’000 RM’000 Current tax expense Current year 566,358 574,197 2,332 3,248 (Over)/under provided in prior years (1,677) (23,043) 606 – 564,681 551,154 2,938 3,248 Deferred tax expense/(credit) Origination and reversal of temporary differences 86,776 14,147 429 (50) Under provided in prior years 6,889 6,648 – – 11 93,665 20,795 429 (50) 658,346 571,949 3,367 3,198 Reconciliation of income tax expense Group Company 2023 2022 2023 2022 RM’000 RM’000 RM’000 RM’000 Profit before tax 4,049,301 2,217,091 1,374,014 282,125 Less: Share of profits of associates (net of tax) (24,784) (36,836) – – Share of profits of joint ventures (net of tax) (1,466) (2,035) – – 4,023,051 2,178,220 1,374,014 282,125 Income tax calculated using Malaysia tax rate of 24% (2022: 24%) 965,532 522,773 329,763 67,710 Effect of tax rates in foreign jurisdictions (72,321) (41,776) (168) (269) Effect of change in tax rates (21,072) (28,490) – – Tax exempt income (320,891) (62,350) (351,571) (81,760) Tax incentive (2,540) (64) – – Non-deductible expenses 80,499 256,747 24,737 17,517 Recognition of deferred tax assets (56,921) (104,477) – – Deferred tax assets not recognised 80,848 45,981 – – Under/(over) provided in prior years 5,212 (16,395) 606 – 658,346 571,949 3,367 3,198 The Group is in the process of assessing the exposure to the Pillar Two income taxes arising from legislation in the jurisdictions in which the Group operates in. Due to the complex nature of the legislation and the calculations including the determination of the adjustments required under the Pillar Two legislation, the Group assessed that the quantitative impact of the potential top-up tax arising from the enacted/substantively enacted legislation is not yet reasonably estimable. The Group continues to assess the impact of the Pillar Two legislation on its financials. IHH Healthcare Berhad 196
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