29. DEFERRED TAX (CONT'D.) Deferred tax assets have not been recognised in respect of the following items: Group Corporation 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Unused tax losses 5,587,727 5,639,686 5,534,674 5,589,224 Unabsorbed capital allowances 408,988 525,928 391,281 510,011 Unabsorbed investment tax allowances 1,077,162 709,378 – – Other deductible temporary differences 15,017 7,039 – – 7,088,894 6,882,031 5,925,955 6,099,235 In Malaysia, the unused tax losses can be carried forward and available for use for 10 years starting from the year of assessment 2019. The unused tax losses of the Corporation relate to the loss making non-resident ships and can be utilised to offset against future taxable profits. The unabsorbed capital allowances and unabsorbed investment tax allowances are available indefinitely for offsetting against future taxable profits of the respective entities within the Group, subject to tax law and tax guidance issued by the tax authority enacted at the reporting date. Deferred tax assets have not been recognised for certain subsidiaries with recent history of losses. 30. DEFERRED INCOME Group 2021 2020 RM’000 RM’000 At 1 January 1,345,399 668,950 Recognised during the year in income statement (428,952) (404,167) Advances received during the year 309,550 1,121,691 Currency translation differences 47,578 (41,075) At 31 December 1,273,575 1,345,399 Current (Note 26) 168,602 194,939 Non-current 1,104,973 1,150,460 1,273,575 1,345,399 Deferred income mainly relates to time charter income paid in advance by customers. 31. CASH FLOWS FROM INVESTING ACTIVITIES Group Corporation 2021 2020 2021 2020 RM'000 RM'000 RM'000 RM'000 Purchase of ships, other property, plant and equipment and intangible assets (3,775,209) (5,108,280) (87,393) (105,121) Loan to subsidiaries – – (187,252) (179,536) Loan to a joint venture – (189,604) – – Redemption of shares in subsidiaries – – 1,098,682 – Dividend received from: Quoted and unquoted equity investment 1,926 1,087 1,926 1,087 Subsidiaries – – 1,322,063 1,382,324 Associates and joint ventures 232,853 456,056 219,239 221,371 Net repayment of loans due from subsidiaries – – 444,832 833,129 Proceeds from disposal of ships, and offshore floating assets 469,739 497,847 – – Proceeds from disposal of interest in a subsidiary 26,923 – 26,923 – Proceeds from disposal of interest in joint ventures 50,306 – – – Cash outflow from deconsolidation of a subsidiary (48,587) – – – Investment in: Subsidiary – – (74,213) (292,438) Joint ventures (95,083) (50,547) – – Other investment (6,774) – – – Interest received 19,232 81,293 23,172 29,004 Net fixed deposit placement (10,569) (5,874) – – Net cash (used in)/generated from investing activities (3,135,243) (4,318,022) 2,787,979 1,889,820 NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 MISC Berhad 400 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 401 FINANCIAL STATEMENTS FINANCIAL STATEMENTS
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