Untitled - Swissco Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2005
9. Employee Benefits
The Group
2005 2004
$ $
Wages and salaries 4,447,283 2,626,419
Employer’s contribution to defined contribution
plans including Central Provident Fund 226,818 134,131
Staff benefits 91,796 65,644
Share options granted to directors and employees 30,000 –
4,795,897 2,826,194
Key management remuneration is disclosed in note 31(b).
10. Tax
(a)
Income tax expense
Tax expense attributable to profit is made up of:
The Group
2005 2004
$ $
Current income tax 488,125 100,000
Deferred tax (17,450) –
470,675 100,000
Over provision in preceding financial year
– Current income tax (10,811) –
459,864 100,000
The tax expense on profit differs from the amount that would arise using the Singapore
standard rate of income tax due to the following:
The Group
2005 2004
$ $
Profit before tax 12,940,188 3,972,600
Tax calculated at a tax rate of 20% (2004: 20%) 2,588,038 794,520
Effect of:
– Singapore statutory stepped income exemption (21,000) (21,000)
– Income not subject to tax (2,148,183) (821,337)
– Expenses not deductible for tax purposes 157,475 209,426
– Share of tax of associated companies (105,655) (61,609)
Tax charge 470,675 100,000
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