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Notes to the financial statements7. Taxation (cont’d)Deferred TaxationDeferred tax at the end of the year consists of the following :GroupCompany2006 2005 2006 2005$’000 $’000 $’000 $’000Deferred tax liabilities :Differences in depreciation 5,837 15,813 - -Offshore income not remitted 5,532 5,892 4,207 4,596Difference in fair values and book valuesof assets of subsidiaries acquired 15,605 25,640 - -For convertible bond 7,464 - 7,464 -34,438 47,345 11,671 4,5968. Dividends(a) Distribution in specieIn April 2006, the Company declared and paid in specie a distribution of K-REIT Asia units of 36.6 cents net pershare in respect of the year ended 31 December 2006.The dividend comprises:Gross Dividend RateIncome Tax Rate(i) 36.875 cents per share 20%(ii) 7.1 cents per share Tax exempt (One-tier)(b)(c)Final dividend paidGroup and Company2006 2005$’000 $’000Final one-tier of 5 cents per share (2005: 5 cents pershare less tax) 35,962 28,543The Directors propose that a final one-tier dividend of 6 cents per share (2005: 5 cents per share) be paid for theyear ended 31 December 2006.194 Notes to the financial statementsKeppel Land LimitedReport to Shareholders 2006