242 NOTES TO THE FINANCIAL STATEMENTS ʹˢ˥ ˧˛˘ Ѓˡ˔ˡ˖˜˔˟ ˬ˘˔˥ ˘ˡ˗˘˗ ʦʤ ʷ˘˖˘ˠ˕˘˥ ʥʣʥʧ (cont’d) 36. TAXATION (CONT’D) 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 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Profit before tax 719,234 489,405 227,027 132,444 At Malaysian statutory tax rate of 24% (2023: 24%) 172,616 117,457 54,486 31,787 Income exempted from tax (192,018) (134,148) - - Income not subject to tax (8,453) (1,037) (78,311) (48,000) Expenses not deductible for tax purposes 8,748 9,083 2,623 3,450 Movement of deferred tax assets not recognised 23,223 11,277 21,352 12,900 Under/(Over) provision in prior financial years - current tax 2,780 35 - 15 - deferred tax 4,288 (101) - - 11,184 2,566 150 152 The Group and the Company have unutilised business losses and unabsorbed capital allowances for carry forward to offset future taxable profits as follows: Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Unutilised business losses 195,997 117,616 148,974 72,055 Unabsorbed capital allowances 84,545 50,387 42,140 30,092 280,542 168,003 191,114 102,147 Based on the current legislation, any unutilised business losses shall be carried forward for a maximum period of ten consecutive years of assessment immediately following that year of assessment, whereas the unabsorbed capital allowances are allowed to be carried forward indefinitely.
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