156 | CapitaLand Limited Annual Report 2014
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
9
DEFERRED TAX
(cont’d)
At 1/1/2013
$’000
Recognised
LQ SURÀW
or loss
$’000
Recognised
in equity
$’000
At
31/12/2013
$’000
Recognised
LQ SURÀW
or loss
$’000
At
31/12/2014
$’000
The Company
Deferred tax liabilities
Discounts on compound
mnancial instruments
33,558
(22,783)
16,288
27,063
(6,946)
20,117
Deferred tax assets
Provisions
(2,589)
1,094
–
(1,495)
125
(1,370)
Deferred tax liabilities and assets are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities and when the deferred taxes relate to the same taxation authority. The following
amounts, determined after appropriate offsetting, are shown on the balance sheets
The Group
The Company
2014
$’000
2013
$’000
2014
$’000
2013
$’000
Restated
Deferred tax liabilities
730,993
678,989
20,117
27,063
Deferred tax assets
(83,526)
(77,149)
(1,370)
(1,495)
647,467
601,840
18,747
25,568
As at 31 December 2014, deferred tax liabilities amounting to $9.7 million (2013 $7.9 million) had not been
recognised for taxes that would be payable on the undistributed earnings of certain subsidiaries and joint ventures
as these earnings would not be distributed in the foreseeable future.
A deferred tax asset is recognised to the extent that it is probable that future taxable promts will be available against
which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are
reduced to the extent that it is no longer probable that the related tax benemt will be realised. The Group has not
recognised deferred tax assets in respect of the following
2014
$’000
2013
$’000
Restated
Deductible temporary differences
194,069
113,181
Tax losses
522,165
429,894
Unutilised capital allowances
4,507
4,211
720,741
547,286
Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable
promts will be available against which the subsidiaries of the Group can utilise the benemts. The tax losses are
subject to agreement by the tax authorities and compliance with tax regulations in the respective countries in which
the subsidiaries operate. Tax losses arising in certain foreign tax jurisdictions have the expiry dates ranging from
5 to 9 years (2013 5 to 9 years). The deductible temporary differences do not expire under current tax legislation.
