FGV Annual Report 2012

106 Felda Global Ventures Holdings Berhad 45 DEFERRED TAXATION (continued) Group Company 2012 2011 2012 2011 RM’000 RM’000 RM’000 RM’000 Deferred tax liabilities – intangible assets (19,615) (12,597) (526) – – property, plant and equipment (125,012) (135,728) (12) (27) – prepaid lease payments (2,306) (2,306) – – – receivables (34) (4,549) – – – others (880) (4) – – Amount before offsetting (147,847) (155,184) (538) (27) Offsetting 56,386 402 538 27 (91,461) (154,782) – – Following the improvements in the financial performance of a subsidiary in US, it is now probable that sufficient taxable profits will be available to allow the deferred tax assets in the subsidiary to be utilised. The amount of deductible temporary differences and unused tax losses (a portion of which have expiry dates ranging from 2029 to 2032 (2011: ranging from 2012 to 2032)) for which no deferred tax assets are recognised in the statement of financial position by certain subsidiaries 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 is as follows: Group 2012 2011 RM’000 RM’000 Unused tax losses 244,634 503,828 As at 31 December 2012, the gross unused tax losses of a subsidiary amounted to RM307,222,000. These losses will expire as follows: Year RM’000 2029 5,726 2030 177,042 2031 110,020 2032 14,434 307,222 As at 31 December 2012, the subsidiary has available non-refundable tax credits of RM12,765,000 (2011: RM12,657,000) which can be carried forward indefinitely against future Quebec taxable income. The future benefits of these credits have not been recorded in the financial statements. Notes to the Financial Statements for the financial year ended 31 December 2012