NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
21. TAXATION
THE GROUP
THE COMPANY
2020
2020
2019
2019
Rs
Rs
Rs
Rs
(219,471,295) (32,920,694)
(40,776,320) (6,116,448)
Loss before taxation
(91,912,054) (13,786,808)
(26,108,017) (3,916,203)
Tax calculated at the rate of 15%
Tax effect: Non-allowable expenses
12,637,000 (4,001,593) (22,132,403) (1,853,994) 48,271,684
3,760,504 (184,738) (11,942,721)
8,918,957
686,836 395,732
Allowable expenses
(5,586,953) (16,140,871)
Loss brought forward from previous year
(9,026,217)
960,333
Loss lapse
2,815,438
486,349
13,523,070
23,780,237
11,373,503
Deferred tax not recognised
-
-
Tax expense
-
-
22. SUBSEQUENT EVENTS
In March 2021, the country was forced into a second national lockdown as a result of the international widespread of the Covid-19 pandemic. The essential services were operational with strict sanitary measures in place. The Directors have determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31 December 2020 have not been adjusted to reflect their impact. The Directors believe that the outbreak of Covid-19 has not had and will not have a significant impact on business activity for the calendar year 2021. During the year, the Company solicited investment participation fromrelevant authorites in relation toCovid-19 support which was successfully granted and gave rise to an equity participation into the Group in 2021. Notwithstanding the aforementioned, the extent of the impact of COVID-19 on the Group’s operational and financial performance will depend on future developments, including the duration and spread of the outbreak.
23. RESTATEMENT OF FINANCIAL STATEMENT
THE GROUP THE COMPANY Rs Rs
Accumulated losses At at 01 January 2019
(123,256,356)
(87,789,403)
Retirement benefit obligations
11,721,050
2,381,581
Restated balances as at 31 December 2019
(111,535,306)
(85,407,822)
As per IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, previous year financial statements has been restated since an external actuarial valuation has been performed in relation to the Retirement Benefit Obligation, during the year and figures have been revised accordingly.
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