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Group

2007 RM

2006 RM

Profit for the year Total tax expense

11,981,587 4,032,085

21,070,242 5,639,763

Profit excluding tax

16,013,672

26,710,005

Tax calculated using Malaysian tax rate at 27% (2006 : 28%) Non-deductible expenses Tax incentive Deferred tax benefits not recognised Reversal of deferred tax on revaluation Effect of lower tax rate for certain subsidiary * Effect of tax rate in foreign jurisdiction ** Effect of change in tax rate *** (Over)/Under provision in prior years

4,323,691 2,275,531 (1,411,776) 178,740 (295,559) (100,000) (636,021) (318,951) 16,430

7,479,064 532,819 (801,314) 235,789 (40,309) (1,530) (1,508,056) (370,737) 114,037

Tax expense

4,032,085

5,639,763

Company

Profit before tax

9,354,192

3,212,667

Tax calculated using Malaysian tax rate at 27% (2006 : 28%) Tax exempt income Non-deductible expenses Deferred tax benefits not recognised Under provision in prior years

2,525,632 (2,621,099) 19,972 75,495 -

899,547 (996,800) 15,123 82,130 13,611

56

THONG GUAN INDUSTRIES BERHAD

**

Tax rates in several foreign jurisdictions decreased in 2007; and the subsidiary acquired in 2007 operates in a tax jurisdiction with lower tax rates.

***

The corporate tax rates are 27% for year of assessment 2007, 26% for year of assessment 2008 and 25% for the subsequent years of assessment. Consequently deferred tax assets and liabilities are measured using these tax rates.

Reconciliation of effective tax expense

Tax expense

  • -

    13,611

  • *

    With effect from year of assessment 2004, companies with paid-up capital of RM2.5 million and below at the beginning of the basis period for a year of assessment are subject to corporate tax at 20% on charge able income up to RM500,000, which was applicable to certain subsidiaries.

20.

Tax Expense (Cont’d)

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