172 Annual Report 2021 18. LAND HELD FOR PROPERTY DEVELOPMENT (CONT’D) Included in land held for property development are: (Cont’d) (ii) leasehold land amounting to RM19,040,009 (2020: 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 RM289,699,792 (2020: RM305,498,452) 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 2021 2020 2021 2020 RM RM RM RM Deferred tax assets At beginning of year 41,236,529 47,382,713 - - Recognised in profit or loss (Note 8) (5,685,613) (6,146,184) - - At end of year 35,550,916 41,236,529 - - Deferred tax liabilities At beginning of year (58,133,071) (64,327,355) (114,428) (93,500) Recognised in profit or loss (Note 8) 3,201,697 6,925,703 - (4,996) Recognised in other comprehensive income (Note 8) (820,936) (841,917) - (15,932) Effect of movements in exchange rate (370,350) 110,498 - - At end of year (56,122,660) (58,133,071) (114,428) (114,428) Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021
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