44
MIGHT Directors’ Report And Audited Financial Statements 2020
18. TAX EXPENSE
GROUP
COMPANY
2019 RM
2019 RM
2020 RM
2020 RM
Malaysian income tax: Current tax expense based on profit for the financial year Over provision in prior years
121,256
117,328 (2,423)
- -
- -
-
121,256
114,905
-
-
The Company has been granted tax exempt status under Subsection 44(6) Income Tax Act, 1967, subject to the fulfilment of criteria as set out by the Inland Revenue Board, from the year of assessment 2003 onwards. The statutory income from all sources other than dividend received is not taxable under the provision of Paragraph 13 Schedule 6, Income Tax Act, 1967.
(a)
The Malaysian income tax is calculated at the statutory tax rate of 24% (2019: 24%) of the estimated taxable surplus for the fiscal year.
(b)
(c)
The numerical reconciliations between the tax expense and the product of accounting surplus/(deficit) multiplied by the applicable tax rate of the Group and of the Company are as follows:
GROUP
COMPANY
2019 RM
2019 RM
2020 RM
2020 RM
Surplus/(Deficit) before tax
31,210,334
18,181,330
8,554,632
(2,341,835)
Tax at Malaysian statutory tax rate of 24% (2019: 24%)
4,363,519
2,053,112
(562,040)
7,490,480
Non-allowable expenses Non-taxable income Deferred tax assets not recognised Utilisation of previously not recognised deferred tax assets
12,890,969 (20,083,505) -
9,832,060 (14,140,324) 62,073
5,359,441 (7,412,553) -
7,011,560 (6,449,520) -
(176,688) 121,256 - 121,256
- 117,328 (2,423) 114,905
- - - -
- - - -
Over provision of tax expense in prior years
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