NOTES TO THE FINANCIAL STATEMENTS For the Financial Year Ended 31 December 2023 (cont’d) 36. TAXATION Group Company 2023 2022 2023 2022 RM’000 RM’000 RM’000 RM’000 Tax expenses recognised in profit or loss Current tax - Current financial year 2,852 3,742 137 105 - Under provision in prior financial years 35 285 15 1,327 2,887 4,027 152 1,432 Deferred tax - Origination and reversal of temporary differences (220) (62) - - - Over provision in prior financial years (101) - - - (321) (62) - - 2,566 3,965 152 1,432 A reconciliation of income tax expenses applicable to profit before tax at the statutory tax rate to income tax expenses at the effective income tax of the Group and of the Company are as follows: Group Company 2023 2022 2023 2022 RM’000 RM’000 RM’000 RM’000 Profit before tax 489,405 404,367 132,444 101,700 At Malaysian statutory tax rate of 24% (2022: 24%) 117,457 97,048 31,787 24,408 Income exempted from tax (134,148) (92,026) - - Income not subject to tax (1,037) (12,030) (48,000) (30,000) Expenses not deductible for tax purposes 9,083 3,345 3,450 538 Movement of deferred tax assets not recognised 11,277 7,343 12,900 5,159 Under/(Over) provision in prior financial years - current tax 35 285 15 1,327 - deferred tax (101) - - - 2,566 3,965 152 1,432 ANNUAL REPORT 2023 235 FINANCIAL STATEMENTS
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