190 F INANC IAL Statements 05 Sect ion Ranhi ll Ut i l i t i es Berhad NOTES TO THE F INANC I AL STATEMENTS For the year ended 31 December 2022 13. INCOME TAX EXPENSES AND ZAKAT (contd.) A reconciliation of current income tax expense applicable to profit before tax at the applicable statutory income tax rate to income tax expense at the effective income tax rate of the Group and of the Company is as follows: Group Company 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Profit before tax and zakat 203,444 93,258 54,011 6,577 Tax at Malaysian statutory rate of 24% (2021: 24%) 48,827 22,382 12,963 1,578 Different tax rates in other countries 72 (37) - - Expenses not deductible for tax purposes 28,707 31,581 2,661 3,636 Income not subject to tax (34,558) (5,697) (15,624) (5,214) Recognition of deferred tax assets arising from unutilised carried forward losses* - (16,762) - - Utilisation of previously unrecognised deferred tax assets - (4,762) - - Reversal of deferred tax asset previously recognised 5,424 - - - Share of results of an associate (3,765) (3,952) - - Under provision of income tax in prior year - government grant (Note 24(d)) 13,892 - - - - others 212 2,632 - - Under provision of deferred tax in prior year 2,035 1,217 - - Income tax expenses 60,846 26,602 - - * In prior year, the Finance Act 2022 was published on 31 December 2021 with extension of the time period for carrying forward unabsorbed business losses to 10 years from 7 years. Resultantly, the Group has further recognised deferred tax assets on carried forward business losses.
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