KENANGA ANNUAL REPORT 2018

NOTES TO THE FINANCIAL STATEMENTS 31 December 2018 216 KENANGA INVESTMENT BANK BERHAD 40. TAXATION AND ZAKAT Group Bank 2018 2017 2018 2017 RM’000 RM’000 RM’000 RM’000 Current income tax: Tax expense for the financial year 12,189 17,263 11,623 17,050 Under/(over) provision in prior financial years 2,668 (55) 847 11 14,857 17,208 12,470 17,061 Deferred tax (Note 19): Relating to origination and reversal of temporary differences 564 (2,099) 1,159 (1,600) Over provision of deferred tax assets in prior financial years 1,104 1,134 1,247 556 1,668 (965) 2,406 (1,044) Zakat 415 210 340 210 Total income tax expense 16,940 16,453 15,216 16,227 Domestic income tax is calculated at the statutory tax rate of 24% (2017: 24%) on the estimated chargeable profit for the financial year.