Press Metal Aluminium Holdings Berhad SECTION 6 • FINANCIAL STATEMENTS 278 Notes to the Financial Statements 11. DEFERRED TAX ASSETS/(LIABILITIES) (CONT’D) 11.1 Global minimum top-up tax The Group expects to be subjected to the global minimum top-up tax in relation to its operations in Malaysia (“MY”). However, since the newly enacted tax legislation in MY will only come into effect in year 2025, there is no current tax impact for the year ended 31 December 2024. Based on the initial assessment carried out as at 31 December 2024, the Group has identified potential exposure to Pillar Two income taxes on its operating arm where effective tax rate is lower than 15% arising from its pioneer status. If the top-up tax had been applied in 2024, the Group’s operation in MY for the year ended 31 December 2024 would be subject to Pillar Two income taxes where approximately 78% of the profit before tax of the Group would be subject to an average effective top-up tax rate of 9.03%. 11.2 Temporary mandatory relief from deferred tax accounting The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. 12. TRADE AND OTHER RECEIVABLES, PREPAYMENT AND OTHER ASSETS Trade and Receivables Note Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Non-current Non-trade Loans to a subsidiary 12.1 - - 1,595,249 1,459,776 - - 1,595,249 1,459,776 Current Trade Trade receivables from contracts with customers 1,469,858 1,326,625 - - Less: Individual impairment allowance (13,243) (14,563) - - 1,456,615 1,312,062 - - Amounts due from subsidiaries 12.1 - - 944,348 1,386,663 Amount due from associates 12.1 13,942 13,745 - - 1,470,557 1,325,807 944,348 1,386,663 Non-trade Amounts due from subsidiaries 12.1 - - 80,842 80,470 Amount due from associates 12.1 297,789 - 16 - Loans to a subsidiary 12.1 - - 956,356 309,182 Other receivables 12.2 257,939 226,250 - - Deposits 15,507 5,391 455 181 571,235 231,641 1,037,669 389,833 2,041,792 1,557,448 1,982,017 1,776,496 2,041,792 1,557,448 3,577,266 3,236,272
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