Ecowise Annual Report 2007 - ecoWise Holdings Limited

Notes to FinancialStatements31 October 20078. INCOME TAXGroup2007 2006$’000 $’000Current 860 806Deferred (31) (121)Total income tax expense 829 685The income tax expense varied from the amount of income tax expense determined by applying the Singapore incometax rate of 18.0% (2006 : 20.0%) to profit before income tax as a result of the following differences:Group2007 2006$’000 $’000Profit before tax 6,076 4,598Income tax expense at statutory rate 1,094 920Non-allowable items 35 112Deferred tax assets valuation allowance (62) (334)Deferred tax liability not recognised (30) –(Over)/under provision in prior years (100) 99Tax exemptions (110) (41)Section 24 election – (88)Reduction in tax rates 4 –Other items less than 3% each (2) 17Total income tax expense 829 68559