NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (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 2024 2023 $’000 $’000 Profit before taxation 862,685 704,211 Taxation at Singapore statutory tax rate of 17% (2023: 17%) 146,656 119,716 Adjustments: Income not subject to tax (11,518) (11,528) Expenses not deductible for tax purposes 23,052 24,042 Different tax rates of other countries 3,134 (5,513) Overprovision in respect of prior years (15,267) (12,689) Effect of change in tax rates (442) (763) Effect of results of associates and joint ventures presented net of tax (12,069) (9,871) Tax incentives (5,343) (3,987) Deferred tax assets not recognised 7,011 2,592 Deferred tax assets previously not recognised now utilised/recognised (2,311) (3,113) Others 577 899 133,480 99,785 151 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT
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