ACCOUNTABILITY 204 YINSON HOLDINGS BERHAD 14. INCOME TAX Major components of income tax expense/(credit) The major components of income tax expense/(credit) for the financial years ended 31 January 2026 and 31 January 2025 were: Group Company 2026 2025 2026 2025 RM million RM million RM million RM million Current income tax - Malaysian income tax 15 11 - - - Foreign tax 215 252 - - - Over provision in prior years (14) (56) - (2) - Top-up tax from Pillar Two legislation 62 80 - - - Changes in tax estimate - (113) - - 278 174 - (2) Deferred tax (Note 35): - Relating to reversal of temporary differences (2) (48) - - - Changes in tax estimate - (591) - - (2) (639) - - Total income tax expense/(credit) 276 (465) - (2) Changes in tax estimate In the previous financial year, the Group obtained advice from external tax experts due to the restructuring of governance and operational responsibilities between the Netherlands and Brazil. The Group has determined, based on advice provided by external tax experts, that it is probable that the charter contracts for the Group’s Brazilian FPSO projects qualifies as provision of services under a time charter agreement. This has resulted in the transfer of the FPSO from the Netherlands head office to a Brazilian permanent establishment of the Netherlands company when the construction of the FPSO is completed and the operational phase commences. Accordingly, the Group has revised its tax basis for its Offshore Production operations in the Netherlands to reflect this filing position.
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