175 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD 8. DEFERRED TAXATION (CONT’D) Deferred tax assets have not been recognised in respect of the following items:- Group Company 2024 2023 2024 2023 RM ‘000 RM ‘000 RM ‘000 RM ‘000 Unused capital allowance 3,703 2,328 - - Unabsorbed business losses 8,188 6,301 - - Contract liabilities 88 95 - - 11,979 8,724 - - Deferred tax assets of certain subsidiaries have not been recognised in respect of these items as it is not probable that taxable profit of the subsidiaries will be available against which the deductible temporary differences can be utilised. Effective Year of Assessment 2019 as announced in the Government’s Annual Budget 2022, the unused tax losses of the Group and of the Company as of 31 December 2018 and thereafter will be available for carry forward for a period of 10 consecutive years. Upon expiry of the 10 years, the unabsorbed tax losses will be disregarded. The unabsorbed business losses of the Group are available for offsetting against future taxable profits of the respective entities within the Group, subject to no substantial change in shareholdings of those entities under the Income Tax Act, 1967 and guidance issued by the tax authority. The following unutilised tax losses, including those recognised as deferred tax assets, are as follows: Group 2024 2023 RM’000 RM’000 Year of Assessment 2029 77 77 Year of Assessment 2032 2,867 2,867 Year of Assessment 2033 1,417 3,357 Year of Assessment 2034 3,827 - 8,188 6,301 Material accounting policy information The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the asset and liabilities, using tax rates enacted or substantively enacted at the reporting date.
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