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Notes to the
Financial Statements
As at 31 March 2020
Fima CORPORATION Berhad
(197401004110)
(21185-P)
• Annual Report 2020
171
29. Deferred taxation (cont’d.)
The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows:
(cont’d.)
Deferred tax assets of the Group:
Tax losses and
unabsorbed
capital
allowances
Retirement
benefit
obligations
Other
payables
Property,
plant and
equipment
Total
RM’000
RM’000
RM’000
RM’000
RM’000
At 1 April 2018
-
(448)
(6,401)
(2,429)
(9,278)
Recognised in:
- profit or loss
(4,510)
(16)
1,091
(526)
(3,961)
- other comprehensive income
-
27
-
-
27
Exchange differences
-
(15)
-
463
448
At 31 March 2019
(4,510)
(452)
(5,310)
(2,492)
(12,764)
Recognised in:
- profit or loss
(1,617)
57
558
441
(561)
- other comprehensive income
-
50
-
-
50
Exchange differences
-
(167)
-
(627)
(794)
At 31 March 2020
(6,127)
(512)
(4,752)
(2,678)
(14,069)
Deferred tax assets have not been recognised in respect of the following items:
Group
2020
2019
RM’000
RM’000
Unutilised tax losses
23,728
16,913
Unabsorbed capital allowances
22,641
20,570
46,369
37,483
The unutilised tax losses and unabsorbed capital allowances of the Group are available indefinitely against future taxable profit of
the respective entities within the Group subject to no substantial changes in shareholdings of those entities under the Income Tax
Act, 1967 and guidelines issued by the tax authority.
However, effective from year of assessment 2019 as announced in the Malaysia Annual Budget 2019, the unutilised tax losses of the
Group as at 31 March 2019 and thereafter will be only be available for carry forward for a period of 7 consecutive years. Upon expiry
of the 7 years, the unutilised tax losses will be disregarded.
Deferred tax assets have not been recognised in respect of these items as they may not be used to offset taxable profit of other
entities in the Group and they have arisen in entities that have a recent history of losses.