102 EXCEL FORCE MSC BERHAD Notes to the Financial Statements (Cont’d) 28. Taxation Group Company 1.1.2022 to 30.6.2023 1.1.2021 to 31.12.2021 1.1.2022 to 30.6.2023 1.1.2021 to 31.12.2021 RM RM RM RM (Restated) (Restated) Tax expenses recognised in profit or loss Current tax - Current year 4,200,350 4,466,555 3,895,324 4,441,741 - (Over)/Under provision in prior years (26,985) 239,219 (26,096) 239,219 4,173,365 4,705,774 3,869,228 4,680,960 Deferred tax - Origination and reversal of temporary differences 396,204 (140,876) 391,261 (216,914) 4,569,569 4,564,898 4,260,489 4,464,046 Malaysian income tax is calculated at the statutory tax rate of 24% (31.12.2021: 24%) of the estimated assessable profits for the financial period/year. A reconciliation of income tax expenses applicable to profit before tax at the statutory tax rate to income tax expenses at the effective income tax of the Group and of the Company are as follows: Group Company 1.1.2022 to 30.6.2023 1.1.2021 to 31.12.2021 1.1.2022 to 30.6.2023 1.1.2021 to 31.12.2021 RM RM RM RM (Restated) (Restated) Profit before tax 16,353,838 16,885,529 17,049,543 17,148,015 At Malaysian statutory tax rate of 24% (31.12.2021: 24%) 3,924,921 4,052,527 4,091,890 4,115,524 Expenses not deductible for tax purposes 372,160 417,574 366,428 292,546 Income not subject to tax (39,265) (168,573) (171,733) (183,243) Deferred tax assets not recognised 338,738 73,788 - - Utilisation of previously unrecognised deferred tax assets - (49,637) - - (Over)/Under provision of income tax in prior years (26,985) 239,219 (26,096) 239,219 4,569,569 4,564,898 4,260,489 4,464,046
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