NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) B6 Taxation (continued) (ii) Deferred tax assets and liabilities (a) Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: Assets Liabilities Group 2022 $’000 2021 $’000 2022 $’000 2021 $’000 Property, plant and equipment (1,420) (1,412) 165,706 145,981 Intangible assets (7,268) (4,967) 165,943 146,039 Allowance for doubtful debts (2,182) (1,640) – – Allowance for inventory obsolescence (43,670) (36,193) 252 – Provisions and accruals (131,730) (147,134) 11,488 8,935 Lease liabilities (3,746) (3,990) 3,310 4,583 Unabsorbed capital allowances and unutilised tax losses (196,805) (99,358) 11,904 1,115 Fair value of derivative financial instruments designated as cash flow hedges (16,703) (10,946) 7,518 2,493 Fair value of defined benefit plans (6,275) (58,779) 10,274 – Other items (19,740) (819) 22,388 23,205 Deferred tax (assets)/liabilities (429,539) (365,238) 398,783 332,351 Set off of tax 231,302 157,690 (231,302) (157,690) Net deferred tax (assets)/ liabilities (198,237) (207,548) 167,481 174,661 The Group’s lease payments are deductible upon payment for tax purposes. In accounting for the deferred tax relating to the lease, the Group considers the asset and liability collectively and accounts for the deferred taxation on a net basis. 156 ST ENGINEERING ANNUAL REPORT 2022
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