Fraser & Neave Holdings Bhd Annual Report 2020

201 06 financial statements ANNUAL REPORT 2020 Notes to The Financial Statements (Cont’d.) 24. TAX EXPENSE RECOGNISED IN PROFIT OR LOSS Group Company Note 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Current tax expense Current year 97,621 107,954 23,372 12,943 Prior years 662 523 13 3 98,283 108,477 23,385 12,946 Deferred tax expense Origination and reversal of temporary differences 14,535 14,946 – – Over provision in prior year (31) (691) – – 11 14,504 14,255 – – Total income tax expense 112,787 122,732 23,385 12,946 Deferred tax related to items recognised in other comprehensive income Net actuarial gains or losses 11 (389) (1,714) – – Reconciliation of tax expense Profit before tax 522,911 532,956 293,085 242,223 Income tax calculated using Malaysian tax rate of 24% (2019: 24%) 125,499 127,909 70,340 58,134 Effect of tax rates in foreign jurisdictions (19,290) (16,577) – – Tax exempt income (22,732) (53) (66,782) (52,069) Non-deductible expenses 10,114 4,607 772 378 Deferred tax assets recognised – (625) – – Under/(Over) provided in prior years 631 (168) 13 3 Foreign withholding tax 20,375 8,081 19,042 6,500 Others (1,810) (442) – – Total income tax expense 112,787 122,732 23,385 12,946 Effective income tax rate 22% 23% 8% 5%