24.
TAXATION
GROUP
COMPANY
2014
2013
2014
2013
RM
RM
RM
RM
Malaysian income tax:
Based on results for the financial year
- Current tax
(645,026)
(408,966)
-
(1,504)
- Deferred tax
Relating to origination and reversal of
temporary differences
(760,000)
(720,000)
-
-
(1,405,026)
(1,128,966)
-
(1,504)
Over provision in prior year
- Current tax
16,411
62,558
1,504
2664
- Deferred tax
80,000
-
-
-
96,411
62,558
1,504
2,664
(1,308,615)
(1,066,408)
1,504
1,160
The reconciliation of tax expense of the Group and of the Company is as follows:
GROUP
COMPANY
2014
2013
2014
2013
RM
RM
RM
RM
Profit/(Loss) before taxation
7,351,467
3,918,325
(5,630,743)
(899,468)
Income tax at Malaysian statutory tax
rate of 25%
(1,837,867)
(979,581)
1,407,686
224,867
Income not subject to tax
214,382
562,203
-
13,728
Exempt pioneer income
1,021,609
516,745
-
-
Expenses not deductible for tax
purposes
(477,619)
(366,968)
(1,168,151)
(51,192)
Deferred tax movement not recognised
(1,355,358)
(1,732,224)
(239,535)
(188,907)
Tax effects of expenses available for
double deduction
46,981
46,020
-
-
Recognition of previously unrecognised
tax losses
(i)
624,000
-
-
-
Utilisation of unabsorbed tax losses
and capital allowances
242,846
824,839
-
-
Changes in tax rate
(ii)
116,000
-
-
-
(1,405,026)
(1,128,966)
-
(1,504)
Over provision in prior year
96,411
62,558
1,504
2,664
(1,308,615)
(1,066,408)
1,504
1,160
(i)
A subsidiary of the Group had revised its internal profit forecast and projections and estimated that
it is probable that future taxable profit will be available to offset against the unabsorbed tax losses.
Arising from this, unabsorbed tax losses amounting to RM2,600,000 as at 31 December 2014 is
recognised as deferred tax assets as at that date.
NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2014 (CONT’D)
Pentamaster Corporation Berhad
(572307-U)
•
Annual Report 2014
74
