76 FGV HOLDINGS BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 16 TAXATION Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Malaysian income tax: – In respect of current financial year 328,152 120,050 9,380 9,339 – In respect of prior financial year 9,337 (22,378) (189) (291) Foreign income tax: – In respect of current financial year 11,614 8,983 – – Deferred tax (Note 50) 171,893 88,916 (6,527) – Tax expense 520,996 195,571 2,664 9,048 A reconciliation of income tax expense applicable to profit before taxation after zakat at the Malaysian statutory income tax rate to income tax expense at the effective income tax rate of the Group and of the Company is as follows: Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Profit before taxation after zakat 1,696,574 329,764 272,582 221,134 Malaysian corporate tax rate of 24% (2020: 24%) 407,178 79,143 65,420 53,072 Tax effect of: – different tax rates in other countries 1,087 (393) – – – expenses not deductible for tax purposes 95,177 133,938 24,990 16,358 – income not subject to tax (13,061) (30,718) (83,643) (64,726) – under/(over) provision of income tax in prior financial year 9,337 (22,378) (189) (291) – temporary differences not recognised as deferred tax 34,650 39,017 – 4,635 – temporary differences previously not recognised as deferred tax (3,914) 2,675 (3,914) – – others (9,458) (5,713) – – Tax expense 520,996 195,571 2,664 9,048
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