FGV Audited Financial Statements 2020

16 TAXATION Group Company 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Malaysian income tax: - In respect of current financial year 120,050 131,542 9,339 337 - In respect of prior financial year (22,378) (861) (291) (452) Foreign income tax: - In respect of current financial year 8,983 5,063 - - Deferred tax (Note 51) 88,916 (109,813) - 28,320 Tax expense 195,571 25,931 9,048 28,205 A reconciliation of income tax expense applicable to profit/(loss) before taxation after zakat at the Malaysian statutory income tax rate to income tax expense at the effective income tax rate of the Group and of the Company is as follows: Group Company 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Profit/(loss) before taxation after zakat 329,764 (345,225) 221,134 (51,889) Malaysian corporate tax rate of 24% (2019: 24%) 79,143 (82,854) 53,072 (12,453) Tax effect of: - different tax rates in other countries (393) 1,182 - - - expenses not deductible for tax purposes 133,938 115,341 16,358 130,881 - income not subject to tax (30,718) (50,103) (64,726) (100,549) - over provision of income tax in prior financial year (22,378) (861) (291) (452) - temporary differences not recognised as deferred tax 39,017 88,159 4,635 10,778 - tax incentive - (7,252) - - - temporary differences previously not recognised as deferred tax 2,675 (35,365) - - - others (5,713) (2,316) - - Tax expense 195,571 25,931 9,048 28,205 79 Notes to the Financial Statements For The Financial Year Ended 31 December 2020 Audited Financial Statements 2020