7.
Income tax expense
Major components of income tax expense
The major components of income tax expense for the years ended 31 December 2014 and 2013 are:
Relationship between income tax expense and accounting profit
The reconciliation between income tax expense and the product of accounting profit multiplied by the applicable corporate tax
rate for the years ended 31 December 2014 and 2013 are as follows:
NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
Group
2014
2013
(Restated)
S$’000
S$’000
Consolidated income statement:
Current income tax:
- current income taxation
21,518
5,470
Deferred income tax:
- origination and reversal of temporary differences
(6,676)
7
- overprovision in respect of prior years
(23)
–
- benefits from previously unrecognised tax losses
–
(24)
Income tax expense recognised in profit or loss
14,819
5,453
Group
2014
2013
(Restated)
S$’000
S$’000
Profit before taxation
87,439
29,351
Tax at Singapore statutory tax rate of 17%
(2013: 17%)
14,865
4,990
Adjustments:
Non-deductible expenses
288
1,480
Income not subject to taxation
(104)
(847)
Effect of partial tax exemption
(113)
(83)
Overprovision in respect of previous years
(23)
–
Benefits from previously unrecognised tax losses
–
(24)
Corporate income tax rebates
(94)
(63)
Income tax expense recognised in profit or loss
14,819
5,453
Hock Lian Seng Holdings Limited
Annual report 2014
68
