90 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 15 TAXATION (CONTINUED) A reconciliation of income tax expense applicable to profit 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 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Profit before taxation after zakat 302,280 1,920,081 115,944 559,117 Add/(less): Share of results of: - Associates 1,498 (2,658) - - - Joint ventures (24,836) (146,164) - - 278,942 1,771,259 115,944 559,117 Malaysian corporate tax rate of 24% (2022: 24%) 66,946 425,102 27,827 134,188 Tax effect of: - different tax rates in other countries 836 (264) - - - expenses not deductible for tax purposes 74,961 86,701 30,692 39,785 - income not subject to tax (25,710) (24,284) (47,441) (165,471) - under/(over) provision of income tax in prior financial year 8,328 (16,302) 3,130 (3,150) - temporary differences not recognised as deferred tax 64,099 73,232 - - - temporary differences previously not recognised as deferred tax 378 295 1,951 320 - incremental tax rate due to “Cukai Makmur” - 107,000 - - Tax expense 189,838 651,480 16,159 5,672
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