16. Income tax expense/ (benefit)
Reconciliation of income tax expense/(benefit)) - continuing operations
2023 $M
2022 $M
NOTE
159.7
Profit/(loss) before income tax - continuing operations
159.7
Tax at current rate of 28% Current tax adjustments: Non-deductible expenses
44.7
44.7
3.5
0.4
–
Impairment
11.3
(0.7)
(Over)/under provisions in prior periods Deferred tax adjustments: (Over)/under provisions in prior periods
(1.8)
(0.4)
2.6
Income tax expense/(benefit) - continuing operations
47.1
57.2
Comprising: Current tax Deferred tax
(12.2)
6.1
59.3
17
51.1
Policies
Income tax expense/(benefit) comprises current and deferred tax and is calculated using rates enacted or substantively enacted at balance date. Current and deferred tax is recognised in profit or loss unless the tax relates to items in other comprehensive income, in which case the tax is recognised as an adjustment in other comprehensive income against the item to which it relates.
Income tax asset
As at 30 June 2023, Vector recognised a current income tax asset of $33.6 million (2022: $24.6 million) and a non-current income tax asset of $89.3 million (2022: $105.3 million).
Imputation credits
There are no imputation credits available for use as at 30 June 2023 (2022: nil), as the imputation account has a debit balance as of that date.
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Vector Annual Report 2023
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