47 DEFERRED TAXATION (CONTINUED) Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Deferred tax liabilities – intangible assets (10,442) (11,283) – – – property, plant and equipment (1,461,162) (1,415,939) (1,201) (2,113) – biological assets (25,172) (14,316) – – – receivables (565) – – – – right-of-use assets (17,083) (16,192) – – – others (5,693) (9,890) – – Amount before offsetting (1,520,117) (1,467,620) (1,201) (2,113) Offsetting 864,662 876,097 1,201 2,113 (655,455) (591,523) – – Under the Malaysia Finance Act 2018 which was gazetted on 27 December 2018, unutilised tax losses will be imposed with a limit of utilisation for 7 consecutive years. In Budget 2024, the existing time limit to carry forward unutilised business losses to be extended to 10 consecutive year of assessments. The existing transitional provision for unutilised business losses from year of assessment 2018 be allowed to be carried forward for 10 consecutive year of assessments, until year of assessment 2028. The Group’s unused tax losses as at 31 December 2024 for which no deferred tax assets were recognised based on the year of assessment (“YA”) expiry for the Group is as follows: Group 2024 2023 RM’000 RM’000 Expiring in YA 2028 507,895 514,451 Expiring in YA 2029 204,756 204,756 Expiring in YA 2030 54,228 57,210 Expiring in YA 2031 38,454 35,673 Expiring in YA 2032 180,598 203,532 Expiring in YA 2033 143,912 225,755 Expiring in YA 2034 229,408 – 1,359,251 1,241,377 The amount of unused tax losses and deductible temporary differences for which no deferred tax assets are recognised in the statement of financial position by certain subsidiaries of the Group and by Company as the Directors are of the view it is not probable that sufficient taxable profits will be available to allow the deferred tax assets to be utilised by year of assessment 2025 is as follows: Group 2024 2023 RM’000 RM’000 Unused tax losses 1,359,251 1,241,377 Deductible temporary differences 510,957 376,631 1,870,208 1,618,008 FGV Holdings Berhad | Audited Financial Statements 2024 Notes to the Financial Statements For the financial year ended 31 December 2024 170
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