28. OTHER RESERVES (CONT'D.) The nature and purpose of each category of reserves are as follows: (a) Revaluation reserve Revaluation reserve represents surplus arising from revaluation of certain freehold land. (b) Capital reserve Capital reserve represents reserve arising from bonus issue by subsidiaries. (c) Other capital reserve Other capital reserve represents the Group’s share of its subsidiaries’ reserve. (d) Put option reserve Put option reserve arises from the dilution of interest in subsidiaries, where an option was granted to a non-controlling interest to sell its equity stake back to the Group. (e) Statutory reserve Statutory reserve is maintained by overseas subsidiaries and joint ventures in accordance with the laws of the host countries. (f) Hedging reserve Hedging reserve represents the effective portion of the gain or loss on hedging instruments in the Group’s cash flow hedges and includes the Group’s share of hedging reserve of joint ventures. (g) Currency translation reserve Currency translation reserve comprises all foreign exchange differences arising from translation of the financial statements of the Corporation and foreign operations with different functional currencies from that of the Group’s presentation currency. 29. DEFERRED TAX Group 2021 2020 RM’000 RM’000 At 1 January (96,612) (72,592) Recognised in income statement (Note 11): In Malaysia 1,714 (128) Outside Malaysia 93 (24,061) 1,807 (24,189) Currency translation differences (279) 169 At 31 December (95,084) (96,612) Presented after appropriate offsetting as follows: Deferred tax assets (101,917) (104,433) Deferred tax liabilities 6,833 7,821 (95,084) (96,612) 29. DEFERRED TAX (CONT'D.) The components and movements of deferred tax liabilities and assets during the financial year, prior to offsetting are as follows: Deferred tax liabilities of the Group: Accelerated capital allowances Others Total RM’000 RM’000 RM’000 At 1 January 2021 84,234 1,905 86,139 Recognised in income statement: In Malaysia 2,173 (86) 2,087 Outside Malaysia 2,941 (1,512) 1,429 At 31 December 2021 89,348 307 89,655 At 1 January 2020 99,086 21,573 120,659 Recognised in income statement: In Malaysia (12,440) – (12,440) Outside Malaysia (2,412) (19,668) (22,080) At 31 December 2020 84,234 1,905 86,139 Deferred tax assets of the Group: Tax losses, investment tax allowances and unabsorbed Other capital payables allowances Others Total RM’000 RM’000 RM’000 RM’000 At 1 January 2021 (16,101) (140,727) (25,923) (182,751) Recognised in income statement: In Malaysia 3,264 (15,479) 11,842 (373) Outside Malaysia – – (1,336) (1,336) Currency translation differences (193) – (86) (279) At 31 December 2021 (13,030) (156,206) (15,503) (184,739) At 1 January 2020 (17,480) (154,641) (21,130) (193,251) Recognised in income statement: In Malaysia 1,310 13,914 (2,912) 12,312 Outside Malaysia – – (1,981) (1,981) Currency translation differences 69 – 100 169 At 31 December 2020 (16,101) (140,727) (25,923) (182,751) NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 MISC Berhad 398 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 399 FINANCIAL STATEMENTS FINANCIAL STATEMENTS
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