TAN CHONG MOTOR HOLDINGS BERHAD
Annual Report 2014
102
NOTES TO THE FINANCIAL STATEMENTS
26. Tax expense/(income) (continued)
Group
Company
2014
2013
2014
2013
RM’000
RM’000
RM’000
RM’000
Reconciliation of tax expense
Profit before tax
170,845
360,122
69,543
73,507
Income tax calculated using Malaysian tax rate of 25%
42,711
90,031
17,386
18,377
Change in effective tax rates in overseas
352
622
-
-
Double deduction
(292)
(314)
-
-
Non-deductible expenses
24,425
29,500
6,623
2,049
Tax exempt income
(18,717)
(6,193)
(24,059)
(14,491)
Tax incentives at subsidiaries
(2,017)
-
-
-
Crystalisation of deferred tax liabilities arising from
revaluation surplus
(2,528)
-
-
-
Different tax rate for fair value in investment properties
(888)
-
-
-
Recognition of deferred tax assets not previously
recognised
(5,445)
-
-
-
Unrecognised deferred tax assets
16,767
12,848
-
-
Effect of changes in tax rates
1
-
167
-
54,369
126,494
117
5,935
(Over)/Under provided in prior years
(3,178)
(1,999)
(229)
87
51,191
124,495
(112)
6,022
