Press Metal Aluminium Holdings Berhad SECTION 6 • FINANCIAL STATEMENTS 292 Notes to the Financial Statements 23. TAX EXPENSE (CONT’D) Reconciliation of tax expense Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Profit for the year 2,124,710 1,517,992 617,228 625,331 Total income tax expense 217,488 129,804 1,787 3,001 Profit excluding tax 2,342,198 1,647,796 619,015 628,332 Income tax calculated using Malaysian tax rate of 24% (2023: 24%) 562,128 395,471 148,564 150,800 Effect of tax rates in foreign jurisdictions 561 481 - - Non-deductible expenses 25,807 54,688 22,574 28,710 Non-taxable income (20,164) (33,268) (169,267) (176,609) Tax incentives (338,895) (291,609) - - Real property gain tax - 11 - - Movement of unrecognised deferred tax assets (5,800) 18,796 - - (Over)/Under provision in prior years (6,149) (14,766) (84) 100 217,488 129,804 1,787 3,001 Non-taxable income The non-taxable income of the Company for the financial year ended 31 December 2024 mainly relate to dividend income from subsidiaries and an associate (2023: dividend income from subsidiaries and an associate). Tax incentives As disclosed in Note 11, PMBTU was awarded Pioneer Status by the MIDA, which entitled PMBTU exemption from tax for a period of 15 years from 1 January 2013 to 31 December 2027 on 100% of statutory income derived from the production of aluminium products.
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