For the financial year ended 31 December 2015
75
ANNUAL REPORT 2015
7. TAXATION
The Group
2015
2014
$’000
$’000
Tax expense attributable to profit is made up of:
Current taxation
Current year:
- Singapore
8,116
6,412
- Overseas
3,537
2,347
11,653
8,759
Over provision in respect of previous years:
- Singapore
(26)
(638)
- Overseas
(70)
(71)
(96)
(709)
Deferred taxation
Origination and reversal of temporary differences:
- Singapore
(623)
(147)
- Overseas
(1,029)
177
(1,652)
30
Under provision in respect of previous years:
- Singapore
–
9
- Overseas
484
54
484
63
10,389
8,143
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:
2015
2014
$’000
$’000
Profit before taxation
193,665
126,968
Share of results of associated companies and gain on
dilution/disposal of investment in associated company (net)
(56,376)
(11,917)
Profit before taxation and share of results of associated companies
and gain on dilution/ disposal of associated company (net)
137,289
115,051
Taxation at applicable Singapore tax rate of 17% (2014: 17%)
23,339
19,559
Adjustments:
- Tax rate difference in foreign subsidiaries
400
324
- Withholding taxes
1,006
1,081
- Tax effect of expenses not deductible for tax purposes
2,056
938
- Tax effect of income not subject to tax
(15,942)
(11,884)
- Tax rebates and exemptions
(759)
(752)
- Utilisation of previously unrecognised deferred taxes
(103)
(508)
- Deferred income tax asset not recognised
4
31
- Under/(over) provision in respect of previous years
388
(646)
Taxation expense
10,389
8,143
NOT E S TO T H E F I NAN C I A L S TAT EME N T S
(CONTINUED)
