207 INTEGRATED ANNUAL REPORT 2025 ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 14. INCOME TAX CREDIT/(EXPENSE) Major components of income tax credit/(expense) The major components of income tax (credit)/expense for the financial years ended 31 January 2025 and 2024 were: Group Company 2025 RM million 2024 RM million 2025 RM million 2024 RM million Current income tax - Malaysian income tax 11 21 - 2 - Foreign tax 332 312 - - - (Over)/Under provision in prior years (56) 20 (2) - Changes in tax estimate (Note 5(c)) (113) - - - 174 353 (2) 2 Deferred tax (Note 35): - Relating to (reversal)/origination of temporary differences (48) 200 - - Changes in tax estimate (Note 5(c)) (591) - - - (639) 200 - - Total income tax (credit)/expense (465) 553 (2) 2 Reconciliation between tax expense and accounting profit: The reconciliation between tax expense and profit before tax multiplied by the applicable tax rates for the financial years ended 31 January 2025 and 2024 were as follows: Group Company 2025 RM million 2024 RM million 2025 RM million 2024 RM million Profit before tax 1,120 1,695 190 33 Tax at Malaysian statutory tax rate of 24% (2024: 24%) 269 407 46 8 Income not subject to tax (443) (144) (88) (62) Expenses not deductible for tax purposes 453 220 42 56 Different tax rates of subsidiaries in various national jurisdictions (142) (78) - - Changes in tax estimate (Note 5(c)) (704) - - - Changes in deferred tax assets not recognised 116 151 - - Utilisation of previously unrecognised deferred tax assets (11) (3) - - Top-up tax expenses arising from Pillar Two legislation 80 - - - Share of results of joint ventures and associates 5 2 - - Perpetual securities distribution and expenses (32) (22) - - (Over)/Under provision of tax expense in prior years (56) 20 (2) - Income tax (credit)/expense recognised in profit or loss (465) 553 (2) 2 Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2024: 24%) of the estimated assessable profit for the financial year. Taxation for other jurisdictions are calculated at the rates prevailing in the respective jurisdictions. The above reconciliation is prepared by aggregating separate reconciliations for each national jurisdiction.
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