notes to the financial statements - Food Empire Holdings Limited

Food Empire Holdings Limited Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS (cont’d)
For the year ended 31 December 2012
9. Taxation (cont’d)
Relationship between tax expense and accounting profit
The reconciliation between the tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for
the years ended 31 December 2012 and 2011 are as follows:
Group
2012 2011
US$’000 US$’000
Accounting profit before tax 21,517 16,165
Tax at statutory tax rate of 17% 3,658 2,748
Adjustments:
Non-deductible expenses 1,519 695
Income not subject to taxation (248) (235)
Effect of partial tax exemption and tax relief (45) (70)
Deferred tax assets not recognised 464 329
Effect of different tax rates in other countries (3,603) (1,901)
Overprovision in respect of previous years taxation (393) (196)
Others (76) (18)
Income tax expense recognised in profit or loss 1,276 1,352
The above reconciliation is prepared by aggregating separate reconciliations for each national jurisdiction.
10. Dividends
Group and Company
2012 2011
US$’000 US$’000
Declared and paid during the financial year:
Dividends on ordinary shares:
- Final exempt (one-tier) dividend for 2011: S$0.01052 (2010: S$0.01052) per share 4,504 4,531
Proposed but not recognised as a liability as at 31 December:
Dividends on ordinary shares, subject to shareholders’ approval at the
Annual General Meeting:
- Final exempt (one-tier) dividend for 2012: S$0.01231 (2011: S$0.01052) per share 5,261 4,445
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