212 MKH BERHAD | ANNUAL REPORT 2023 18. LAND HELD FOR PROPERTY DEVELOPMENT (CONT’D) Included in land held for property development are: (i) freehold land amounting to RM79,962,939 (2022: RM79,962,939) have been pledged for term loan and revolving credit facilities granted to certain subsidiaries as disclosed in Note 33; (ii) leasehold land amounting to RM19,040,009 (2022: RM19,040,009) have been charged for revolving credit facilities granted to certain subsidiaries as disclosed in Note 33; (iii) freehold land amounting to RM24,436,438 (2022: RM39,704,655) have been deposited with a financial institution for term loan facilities granted to a subsidiary as disclosed in Note 33; and (iv) freehold and leasehold land amounting to RM278,134,587 (2022: RM293,917,816) 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 directly from landowners to the property purchasers. 19. DEFERRED TAX ASSETS AND LIABILITIES The Group The Company 2023 2022 2023 2022 RM RM RM RM Deferred tax assets At beginning of year 31,473,558 35,550,916 - - Recognized in profit or loss (Note 8) (7,244,978) (4,077,358) - - At end of year 24,228,580 31,473,558 - - Deferred tax liabilities At beginning of year (53,851,487) (56,122,660) (114,428) (114,428) Recognized in profit or loss (Note 8) 3,726,899 2,611,879 - - Recognized in other comprehensive income (Note 8) 61,583 (298,597) - - Effect of movements in exchange rate 16,512 (42,109) - - At end of year (50,046,493) (53,851,487) (114,428) (114,428) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
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