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Notes to the
Financial Statements
As at 31 March 2020
Fima CORPORATION Berhad
(197401004110)
(21185-P)
• Annual Report 2020
145
10. Income tax expense (cont’d.)
Domestic income tax is calculated at the statutory tax rate of 24% (2019: 24%) of the estimated assessable profit for the year. The
corporate rate tax applicable to the Indonesian subsidiary of the Group is 25% (2019: 25%).
A reconciliation of income tax expense applicable to profit before tax at the 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
2020
2019
2020
2019
RM’000
RM’000
RM’000
RM’000
Profit before tax
18,129
79,477
27,696
55,980
Taxation at Malaysian statutory tax rate of 24%
(2019: 24%)
4,351
19,074
6,647
13,435
Effect of tax rates in foreign jurisdiction
70
405
-
-
Effect of expenses not deductible for tax purposes
5,260
4,906
1,149
787
Effect of partial tax exemption
(38)
(17)
-
-
Deferred tax assets not recognised
2,133
663
-
-
Effect of share of results of associate
(471)
(896)
-
-
Income not subject to tax
(2,704)
(7,609)
(6,808)
(13,816)
(Over)/under provision of deferred tax in prior years
(402)
282
88
26
Under/(over) provision of income tax expense in prior
years
1,123
(2,657)
6
(211)
9,322
14,151
1,082
221