FGV Audited Financial Statements 2020

51 DEFERRED TAXATION (CONTINUED) Group Company 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Deferred tax liabilities - intangible assets (13,979) (14,364) - - - property, plant and equipment (1,349,532) (1,319,353) - 478 - biological assets (12,199) (9,840) - - - receivables - (2,379) - - - inventories (3,666) (3,266) - - - others (10,735) (2,732) - - Amount before offsetting (1,390,111) (1,351,934) - 478 Offsetting 754,610 679,980 - (478) (635,501) (671,954) - - Under the Malaysia Finance Act 2018, the Group’s unused tax losses as at 31 December 2020 for which no deferred tax assets were recognised based on the year of assessment (“YA”) expiry for the Group and Company are as follows: Group Company 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Expiring in YA 2027 162,571 - - - Expiring in YA 2026 367,329 367,329 - - Expiring in YA 2025 831,731 831,731 - 161,914 1,361,631 1,199,060 - 161,914 The amount of unused tax losses for which no deferred tax assets are recognised in the statement of financial position by certain subsidiaries of the Group and by Company as the Directors are of the view it is not probable that sufficient taxable profits will be available to allow the deferred tax assets to be utilised by year of assessment 2025 is as follows: Group Company 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Unused tax losses 1,361,631 1,199,060 - 161,914 The Company was granted exemption on the treatment as Investment Holding Company pursuant to Section 60F and Section 50FA of the Income Tax Act 1967 for the period from YA2010 to YA2019. The exemption period had expired in the current financial year, resulting in the unused tax losses of the Company being disregarded and no longer being carried forward. 176 Notes to the Financial Statements For The Financial Year Ended 31 December 2020 FGV HOLDINGS BERHAD Audited Financial Statement 2020