91
91
2015/2016 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2016
7.
TAXATION
The Group
2016
US$’000
2015
US$’000
(Restated)
Tax recognised in profit or loss
Current tax expense
– Current year
(8)
(2)
– Adjustment for prior years
8
(5)
–
(7)
Deferred tax expense
– Origination and reversal of temporary differences
20
3
20
(4)
Reconciliation of effective tax rate:
Profit before taxation
9,568
8,900
Add: Share of results of associated company and joint venture,
net of tax
124
38
9,692
8,938
Tax using the Singapore tax rate of 17% (2015: 17%)
(1,647)
(1,519)
Income not subject to tax
2,084
1,603
Non-deductible expenses
(117)
(115)
Adjustment for prior years
8
(5)
Deferred tax assets not recognised
(308)
–
Utilisation of previously unrecognised tax losses
–
23
Tax incentives and rebates
–
17
Others
–
(8)
20
(4)
