NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (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 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Property, plant and equipment (2,014) (2,416) 231,508 200,611 Intangible assets (4,591) (4,392) 201,305 167,198 Allowance for doubtful debts (3,281) (2,775) – – Allowance for inventory obsolescence (55,455) (40,327) 415 – Provisions and accruals (204,214) (191,358) 8,066 8,048 Lease liabilities (131,900) (104,188) – 6,253 Unabsorbed capital allowances and unutilised tax losses (107,361) (125,045) 9,459 10,720 Fair value of derivative financial instruments designated as cash flow hedges (12,503) (4,336) 1,031 10,777 Fair value of defined benefit plans (6,644) (7,236) 14,800 10,672 ROU assets – – 127,774 103,014 Unutilised tax benefits (162,938) (99,897) – – Other items (5,091) (15,031) 22,656 21,952 Deferred tax (assets)/liabilities (695,992) (597,001) 617,014 539,245 Set off of tax 431,508 382,823 (431,508) (382,823) Net deferred tax (assets)/liabilities (264,484) (214,178) 185,506 156,422 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. 152 ST ENGINEERING | ANNUAL REPORT 2024
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