United Energy Group Limited - HKExnews
United Energy Group Limited - HKExnews
United Energy Group Limited - HKExnews
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UNITED ENERGY GROUP LIMITED<br />
Notes to the Financial Statements<br />
For the nine months ended 31 December 2009<br />
9. LOSS FOR THE PERIOD/YEAR (Continued)<br />
Note a:<br />
The amount includes the accommodation benefits provided to a director and staff amounting to approximately<br />
HK$1,200,000 (for the year ended 31 March 2009: HK$1,002,000) included in the staff costs.<br />
Note b:<br />
The amortisation charge of approximately HK$14,432,000 (for the year ended 31 March 2009: Nil) and<br />
HK$3,578,000 (for the year ended 31 March 2009: Nil) are included in the oil exploitation expenses and costs<br />
of sales and services rendered respectively.<br />
Note c:<br />
The impairment loss on intangible assets for the period is included in administrative expenses in the consolidated<br />
income statement.<br />
10. INCOME TAX EXPENSE/(CREDIT)<br />
For the<br />
For the<br />
nine months twelve months<br />
ended 31 ended 31<br />
December 2009 March 2009<br />
HK$’000<br />
HK$’000<br />
Current tax - PRC enterprise income tax<br />
Provision for the period/year 1,087 492<br />
Under-provision in prior years – 11<br />
1,087 503<br />
Deferred tax (note 25) 1,498 (10,677)<br />
2,585 (10,174)<br />
No provision for profits tax in the Bermuda, Bahamas, British Virgin Islands or Hong Kong is required as the <strong>Group</strong><br />
has no assessable profit arising in or derived from these jurisdictions for the period ended 31 December 2009 and<br />
the year ended 31 March 2009.<br />
PRC enterprise income tax (“EIT”) is calculated at the applicable rates based on estimated taxable income earned<br />
by the companies with certain tax preference, based on existing legislation, interpretation and practices in respect<br />
thereof.<br />
Universe Oil & Gas (China) LLC (“Universe”), being a foreign investment enterprise is entitled to an exemption<br />
from EIT for two years starting from its first profit-making year, followed by a 50% tax relief for the following three<br />
years. Universe was entitled to and enjoyed the first exemption year in 2007 and a 50% tax relief for the three<br />
years ended 31 December 2011. Therefore, the applicable income tax rate of Universe for the period ended 31<br />
December 2009 is 12.5%.<br />
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