12. INCOME TAX EXPENSE (CONT’D.) The reconciliation between tax expense and the product of accounting (loss)/profit multiplied by the applicable corporate tax rate are as follows: 2024 2023 RM’000 RM’000 Group Loss before tax (117,125) (100,046) Taxation at Malaysian statutory tax rate of 24% (2023: 24%) (28,110) (24,011) Tax incentive and income not subject to tax (4,313) (26,658) Expenses not deductible for tax purposes 94,431 40,154 Effect on income taxed under real property gain tax (30,917) 4,550 Deferred tax recognised at different tax rate (3,528) 832 Deferred tax assets not recognised 97,929 34,754 Utilisation of previously unrecognised tax losses and unabsorbed capital allowances (8,934) (4,378) Share of results of joint ventures (1,312) (4,258) Share of results of an associate – 16,311 Under/(over)provision of deferred tax in prior year 1,004 (3,459) Overprovision of tax expense in prior years (303) (720) Income tax expense 115,947 33,117 Company (Loss)/profit before tax (7,925) 62,305 Taxation at Malaysian statutory tax rate of 24% (2023: 24%) (1,902) 14,953 Income not subject to tax (5,642) (23,585) Expenses not deductible for tax purposes 7,685 8,236 Effect on income taxed under real property gain tax – 4,582 (Over)/underprovision of deferred tax in prior year (48) 80 Underprovision of tax expense in prior years – 606 Income tax expense 93 4,872 Tax savings during the financial year arising from: Group 2024 2023 RM’000 RM’000 Utilisation of previously unused tax losses and unabsorbed capital allowances 37,225 18,242 FINANCIAL STATEMENTS & OTHER INFORMATION 269
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