167 ANNUAL REPORT 2024 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (cont’d) 26. INCOME TAX EXPENSE The Group The Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Current tax: - for the financial year 53,340 3,600 7 - - (over)/underprovision in the previous financial year (647) (23) * 33 52,693 3,577 7 33 Deferred tax (Note 20): - origination and reversal of temporary differences 23,751 36,561 - - - under/(over)provision in the previous financial year 18 (731) - - 23,769 35,830 - - 76,462 39,407 7 33 A reconciliation of income tax expense applicable to the profit before taxation at the statutory tax rate to income tax expense at the effective tax rate of the Group and of the Company is as follows:- The Group The Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Profit before taxation 304,245 146,522 34,310 33,378 Tax at the statutory tax rate of 24% (2023 - 24%) 73,019 35,165 8,234 8,011 Tax effects of:- Non-deductible expenses 4,570 5,225 1,684 2,481 Non-taxable income (507) (235) (9,911) (10,634) Deferred tax assets not recognised for the year - - - 142 Share of results in an associate 9 6 - - (Over)/Underprovision in the previous financial year: - current tax (647) (23) * 33 - deferred tax 18 (731) - - 76,462 39,407 7 33 Note:- * - Less than RM1,000. Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2023 - 24%) of the estimated assessable profit for the financial year.
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