Annual Report 2012 - singapore land limited

68
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
8. INCOME TAXES
(a)
Income tax expense
The Group
2012 2011
$’000 $’000
(restated)
Tax expense/(credit) attributable to profi t is made up of:
- Current income tax (note (b)) 54,129 38,087
- Deferred income tax (note 23) (12,799) 7,473
41,330 45,560
(Over)/Underprovision in prior fi nancial years
- Current income tax (note (b)) (671) (4,949)
- Deferred income tax (note 23) (3,667) 473
(4,338) (4,476)
36,992 41,084
The tax expense on the Group’s profi t before tax differs from the theoretical amount that would arise using the
Singapore standard rate of income tax as follows:
The Group
2012 2011
$’000 $’000
(restated)
Profi t before income tax 493,682 446,929
Less: Share of results of associated companies (88,957) (61,361)
Less: Share of results of joint ventures - 500
404,725 386,068
Tax calculated at a statutory tax rate of 17% 68,803 65,632
Effects of:
- Different tax rates in other countries 633 -
- Singapore statutory tax exemption (303) (294)
- Tax incentives (642) -
- Expenses not deductible for tax purposes 2,513 2,328
- Income not subject to tax (29,247) (22,402)
- Utilisation of previously unrecognised deferred income tax assets (693) -
- Deferred income tax assets not recognised 266 296
Tax expense 41,330 45,560