Positioning for the Future | 183
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
28 TAX EXPENSE
(cont’d)
Reconciliation of effective tax rate
The Group
2014
$’000
2013
$’000
Restated
Continuing Operations
Promt before tax
1,997,467
1,776,883
Less Share of results of associates and joint ventures
(969,935)
(902,612)
Promt before share of results of associates and joint ventures,
tax and discontinued operation
1,027,532
874,271
Income tax using Singapore tax rate of 17% (2013 17%)
174,680
148,626
Adjustments
Expenses not deductible for tax purposes
184,120
158,572
Income not subject to tax
(184,803)
(171,559)
Effect of unrecognised tax losses and other deductible
temporary differences
20,035
17,963
Effect of different tax rates in foreign jurisdictions
44,783
61,161
Effect of taxable distributions from REITs
33,167
28,017
Over provision in respect of prior years
(9,697)
(63,761)
Group relief
(1,447)
(600)
Withholding taxes
7,498
27,374
Others
(1,428)
(655)
266,908
205,138
Tax expense on continuing operations excluded the Group’s tax expense on gain on sale of discontinued operation.
The tax on sale of discontinued operation was included in Apromt from discontinued operation, net of tax’ in the
income statement (note 39).
The Company
2014
$’000
2013
$’000
Promt before tax
579,040
130,837
Income tax using Singapore tax rate of 17% (2013 17%)
98,437
22,242
Adjustments
Expenses not deductible for tax purposes
402
47,417
Income not subject to tax
(103,101)
(88,827)
Effect of other deductible temporary differences
(1,138)
(2,986)
Group relief
205
(1,421)
Others
(867)
969
(6,062)
(22,606)
