NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) B6 Taxation (continued) (i) Tax expenses (continued) A reconciliation between tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the year ended 31 December is as follows: Group 2022 $’000 2021 $’000 Profit before taxation 597,466 637,607 Taxation at Singapore statutory tax rate of 17% (2021: 17%) 101,569 108,393 Adjustments: Income not subject to tax (30,871) (23,816) Expenses not deductible for tax purposes 23,309 13,099 Different tax rates of other countries (21,127) (8,759) Overprovision in respect of prior years (11,517) (9,295) Effect of change in tax rates 1,295 (1,258) Effect of results of associates and joint ventures presented net of tax (5,653) (2,718) Tax incentives (1,993) (6,553) Deferred tax assets not recognised 17,721 6,516 Deferred tax assets previously not recognised now utilised (18,906) (4,663) Others 304 (310) 54,131 70,636 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 155
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