93
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
16.
DEFERRED TAX
Deferred income tax relates to the following:
Group
Consolidated
balance sheet
Consolidated statement of
comprehensive income
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Deferred tax liabilities:
Differences in depreciation for
tax purposes
–
9
(9)
(178)
–
9
Deferred tax assets:
Provisions
12
–
(12)
–
12
–
Deferred income tax credit
(21)
(178)
At the balance sheet date, the Group has tax losses of approximately $101,510,000 (2013:
$82,280,000) that are available for offset against future taxable profits of the companies in which the
losses arose, for which no deferred tax asset is recognised due to uncertainty of its recoverability.
The use of these tax losses is subject to the agreement of the tax authorities and compliance with
certain provisions of the tax legislation of the respective countries in which the companies operate.
Tax consequences of proposed dividends
There are no income tax consequences attached to the dividends to the shareholders proposed by
the Company but not recognised as a liability in the financial statements (Note 31).
