HAW PAR CORPORATION LIMITED
74
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
For the financial year ended 31 December 2014
6.
TAXATION
(CONTINUED)
The Group
2014
$’000
2013
$’000
Deferred taxation
Origination and reversal of temporary differences:
- Singapore
(147)
(163)
- Overseas
177
(95)
30
(258)
Under provision in respect of previous years:
- Singapore
9
27
- Overseas
54
178
63
205
8,143
7,358
The tax expense on accounting profit differs from the amount that would arise using the Singapore standard rate
of income tax due to the following:
2014
$’000
2013
$’000
Profit before taxation
126,968
115,277
Share of results of associated companies and gain on dilution of investment in
associated company (net)
(11,917)
(8,039)
Profit before taxation and share of results of associated companies and gain
on dilution of investment in associated company (net)
115,051
107,238
Taxation at applicable Singapore tax rate of 17% (2013: 17%)
19,559
18,230
Adjustments:
- Tax rate difference in subsidiaries
324
420
- Withholding taxes
1,081
646
- Tax effect of expenses not deductible for tax purposes
938
1,002
- Tax effect of income not subject to tax
(11,884)
(11,787)
- Tax rebates and exemptions
(752)
(450)
- Utilisation of previously unrecognised deferred taxes
(508)
(806)
- Deferred income tax asset not recognised
31
32
- (Over)/under provision in respect of previous years
(646)
71
Taxation expense
8,143
7,358
There is no tax charge/credit relating to the component of other comprehensive income except for fair value gains/
(losses) on available-for-sale financial assets for which the deferred tax relating to it is disclosed in Note 20 to the
financial statements.
