74
JUMBO GROUP LIMITED
Notes to the Combined
Financial Statements
As at 30 September 2015
27
INCOME TAX EXPENSE
Group
2015
2014
$
$
Tax expense comprises:
Current tax
- Current year
1,751,100 2,154,519
- Under/(Over)provision in respect of prior years
68,151
(109,500)
Deferred tax (Note 20)
- Current year
–
(59,494)
- Overprovision in respect of prior years
–
(172,410)
1,819,251 1,813,115
Domestic income tax is calculated at 17% (2014 : 17%) of the estimated assessable profit for the year. Taxation for other jurisdictions is
calculated at the rates prevailing in the relevant jurisdictions.
The total charge for the year can be reconciled to the accounting profit as follows:
Group
2015
2014
$
$
Profit before tax
15,141,079 15,590,670
Income tax calculated at 17% (2014 : 17%)
2,573,983 2,650,414
Non-(taxable) income / Non-deductible items
(460,277)
642,261
Tax effect of share of results of associates
–
14,907
Tax effect of deduction from tax incentives
(470,788)
(261,887)
Tax effect of exempt income
(99,363)
(705,815)
Effect of different tax rate of subsidiaries operating in other jurisdiction
57,344
22,113
Deferred tax assets not recognised
185,204
–
Utilisation of deferred tax assets previously not recognised
–
(126,112)
Effect of tax rebates
(60,000)
(102,420)
Under/(Over) provision of current tax in respect of prior years
68,151
(109,500)
Overprovision of deferred tax in respect of prior years
–
(172,410)
Others
24,997 (38,436)
1,819,251 1,813,115
As at the end of the financial year, one of the Group’s foreign subsidiaries have the following unutilised tax losses available for offsetting
against their future taxable profits:
Group
2015
2014
$
$
At beginning of the year
–
617,589
Adjustment
–
(113,143)
Arising/(Utilisation) during the year
1,089,435
(504,446)
At end of the year
1,089,435
–
Unrecorded deferred tax assets on the above balance
185,204
–
