238
PERENNIAL REAL ESTATE HOLDINGS LIMITED
Annual Report 2015
NOTES TO THE FINANCIAL STATEMENTS
25 TAX EXPENSE/(CREDIT)
Group
Period from
1/7/2014 to Year ended
Note 31/12/2015
30/6/2014
$’000
$’000
Tax recognised in profit or loss
Current tax expense
Current year
3,223
38
Adjustment for prior years
–
(79)
3,223
(41)
Deferred tax expense
Origination and reversal of temporary differences
14,071
–
Adjustment for prior years
–
(11)
17
14,071
(11)
Total tax expense/(credit)
17,294
(52)
Reconciliation of effective tax rate
Profit/(Loss) before tax
128,428
(5,971)
Share of results of associates and joint ventures, net of tax
(39,789)
221
88,639
(5,750)
Tax using Singapore tax rate of 17% (2014: 17%)
15,069
(977)
Effect of tax rates in foreign jurisdictions
5,292
–
Non-deductible expenses
2,741
683
Tax exempt income
(9,358)
(38)
Deferred tax recognised in respect of undistributed profits of joint venture
669
–
Changes in temporary differences
2,929
394
Overprovision in prior years
–
(90)
Others
(48)
(24)
17,294
(52)
