NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 34. INCOME TAX EXPENSE (CONT’D) 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 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Profit before taxation 260,662 268,396 123,018 19,979 Tax at the applicable corporate tax rate of 24% (2022 - 24%) 62,559 64,415 29,524 4,795 Tax effects of:- Non-deductible expenses 4,573 986 69 22,797 Non-taxable income (258) (1,702) (24,637) (22,205) Effects of differential in tax rates of foreign sources income - - - (127) Share of results in joint venture (436) (818) - - Deferred tax assets not recognised during the financial year 1,985 7,230 - - Effects of differential in tax rates of subsidiaries (237) (22) - - Under/(Over) provision of Malaysian Income Tax in the previous financial year 1,133 (1,979) 289 3 Over provision of deferred tax liabilities in the previous financial year (55) (1) - - Over/(Under) provision of deferred tax assets in the previous financial year 3 (579) - - Deferred tax assets recognised in respect of previously unrecognised tax losses and unabsorbed capital allowances (11,514) - - - Income tax expense for the financial year 57,753 67,530 5,245 5,263 INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 207
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