Green Technology Annual Report

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 25. INCOME TAX EXPENSE The Group The Company 2019 RM 2018 RM 2019 RM 2018 RM Current tax expense: – for the financial year 512,000 360,000 512,000 360,000 – under/(over)provision in the previous financial year 182,414 (360,000) 182,414 (360,000) 694,414 – 694,414 – 25. INCOME TAX EXPENSE (CONT’D) A reconciliation of income tax expense applicable to the profit before taxation at the statutory tax rate to income tax expense at the effective tax rate of the Group and of the Company is as follows:- The Group The Company 2019 RM 2018 RM 2019 RM 2018 RM Profit before taxation 1,618,782 2,845,257 1,660,675 2,971,506 Tax at the statutory tax rate of 24% 388,508 682,862 398,562 713,161 Tax effects of:- Share of results in a joint venture – 241 – – Non-deductible expenses 298,033 166,917 287,980 136,859 Non-taxable income (168,301) (168,301) (168,301) (168,301) Utilisation of deferred tax assets previously not recognised (6,240) (321,719) (6,240) (321,719) Under/(over)provision in the previous financial year 182,414 (360,000) 182,414 (360,000) Income tax expense for the financial year 694,414 – 694,414 – Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2018 - 24%) of the estimated assessable profit for the financial year. The taxation of other jurisdictions is calculated at the rates prevailing in the respective jurisdiction. 126 MALAYSIAN GREEN TECHNOLOGY & CLIMATE CHANGE CENTRE ANNUAL REPORT 2019