78
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
8.
INCOME TAX CREDIT
Major components of income taxes
The major components of income taxes for the years ended 31 December 2014 and 2013 are:
Group
2014
2013
$’000
$’000
Current income tax
– Current financial year
4
123
– Over provision in respect of prior periods
(166)
–
(162)
123
Deferred tax
– Over provision in respect of prior periods
(21)
(178)
(21)
(178)
Total income tax credit recognised in profit or loss
(183)
(55)
The reconciliation between tax credit and the product of accounting (loss)/profit multiplied by the
applicable corporate tax rate for the years ended 31 December 2014 and 2013 is as follows:
Group
2014
2013
$’000
$’000
(Loss)/profit before income tax
(16,934)
3,204
Tax at the domestic rates applicable to profits in the countries
where the Group operates
(3,226)
467
Tax effect of:
– expenses not deductible for tax purposes
602
552
– income not subject to tax
(278)
(248)
Over provision in respect of prior periods
(187)
(178)
Tax exemption and tax relief
(38)
(81)
Enhanced tax deduction
–
(1)
Deferred tax assets not recognised
3,904
942
Benefits from previously unrecognised tax losses
(156)
(24)
Share of associate profits
(783)
(1,501)
Others
(21)
17
(183)
(55)
The above reconciliation is prepared by aggregating separate reconciliations for each national
jurisdiction.
