8. INCOME TAX (CREDIT)/EXPENSES Group 2024 2023 S$’000 S$’000 Tax expense attributable to profit is made up of: – Profit for the financial year: Current income tax – Foreign 14,768 21,475 Withholding tax 839 1,654 Deferred income tax (Note 19) (20,274) (131,983) (4,667) (108,854) – Over provision in prior financial year Current income tax – Foreign (1,464) – (6,131) (108,854) The income tax (credit)/expense on the results for the financial year differs from the amount that would arise using the Singapore standard rate of income tax due to the following: Group 2024 2023 S$’000 S$’000 Total return for the year before income tax (70,992) (558,128) Tax calculated using Singapore tax rate of 17% (2023: 17%) (12,069) (94,882) Effects of: – Different tax rate in foreign jurisdiction (1,596) (35,850) – Non-tax-deductible items, net 7,610 17,718 – Income not subject to tax (319) – – Tax losses not recognised 1,389 948 – Withholding tax 839 1,654 – Deferred tax on unremitted overseas earnings 81 1,396 – (Over)/Under provision of tax in prior financial years (net) (2,066) 162 (6,131) (108,854) The Group has exposure to taxes mainly in Singapore and China. In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes may be due. Significant estimates and assumptions are required to determine the amount of current and deferred tax that can be recognised and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. The carrying amounts of current income tax liabilities and deferred income taxes are as disclosed in the statement of financial position. ANNUAL REPORT 2024 95 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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