NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 12. INCOME TAX EXPENSE (CONT’D.) The following are deferred tax assets which have not been recognised by the Group as they have arisen in companies that have a recent history of losses or in companies where future taxable profit may be insufficient to trigger the utilisation of these items. Group 2024 2023 RM’000 RM’000 Unused tax losses 155,746 132,258 Unabsorbed capital allowances 186,695 32,978 Unused investment tax allowances 144,996 144,996 Other deductible temporary differences 266,563 72,954 754,000 383,186 Tax losses for which the tax effects have not been recognised in the financial statements: Group 2024 2023 RM’000 RM’000 Unused tax losses: - Expiring in 2028 110 110 - Expiring in 2029 8,455 8,455 - Expiring in 2030 22,881 22,881 - Expiring in 2031 38,274 38,274 - Expiring in 2032 46,250 46,250 - Expiring in 2033 16,288 16,288 - Expiring in 2034 23,488 – 155,746 132,258 The Malaysia Finance Act gazetted on 27 December 2018 has imposed a time limitation to restrict the carry forward of the unutilised tax losses for Malaysia entities. Based on the latest Malaysian Finance Act gazetted on 31 December 2021, the time limit for the carry forward of the unutilised tax losses has been extended from 7 years to 10 years. The unutilised tax losses accumulated up to the year of assessment 2018 are allowed to be carried forward for 10 consecutive years of assessment (i.e. from years of assessment 2019 to 2028) and any balance of the unutilised losses thereafter shall be disregarded. Deferred tax assets have not been recognised in respect of unabsorbed capital allowances and unused tax losses because it is probable that the future taxable profit of certain loss-making subsidiaries would not be available against which the tax losses and unabsorbed capital allowances can be utilised. ANNUAL REPORT 2024 270
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