15 TAXATION Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Malaysian income tax: – In respect of current financial year 203,617 150,596 7,847 7,308 – In respect of prior financial year (4,092) 8,328 (2,143) 3,130 Foreign income tax: – In respect of current financial year 18,214 23,204 – – Deferred tax (Note 47) 12,822 7,710 (3,850) 5,721 Tax expense 230,561 189,838 1,854 16,159 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 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Profit before taxation after zakat 554,328 302,280 707,236 115,944 Add/(less): Share of results of: – Associates 1,903 1,498 – – – Joint ventures (31,681) (24,836) – – 524,550 278,942 707,236 115,944 Malaysian corporate tax rate of 24% (2023: 24%) 125,892 66,946 169,737 27,827 Tax effect of: – different tax rates in other countries 1,313 836 – – – expenses not deductible for tax purposes 68,565 74,961 61,382 30,692 – income not subject to tax (21,977) (25,710) (227,124) (47,441) – (over)/under provision of income tax in prior financial year (4,092) 8,328 (2,143) 3,130 – temporary differences not recognised as deferred tax 60,528 64,099 – – – temporary differences previously not recognised as deferred tax 332 378 2 1,951 Tax expense 230,561 189,838 1,854 16,159 FGV Holdings Berhad | Audited Financial Statements 2024 Notes to the Financial Statements For the financial year ended 31 December 2024 80
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