OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 23 TAX EXPENSE Group Note 2023 2022 $’000 $’000 Current tax expense Current year 11,812 6,480 Changes in estimates related to prior years 124 (341) Withholding taxes – 1,206 11,936 7,345 Deferred tax expense Origination and reversal of temporary differences 16 (8) 4,852 Total tax expense 11,928 12,197 Reconciliation of effective tax rate Profit before tax 79,559 25,837 Less: Share of results of associates and joint ventures, net of tax (68,665) (29,117) 10,894 (3,280) Tax using Singapore tax rate of 17% (2022: 17%) 1,852 (558) Effect of tax rates in foreign jurisdictions 9,194 800 Non-deductible expenses 64,979 29,889 Tax exempt income (66,691) (19,192) Current year losses for which no deferred tax asset was recognised 6,356 795 Utilisation of previously unrecognised tax losses (3,999) (48) Changes in estimates related to prior years 124 (341) Withholding taxes – 1,206 Others 113 (354) 11,928 12,197 24 PROFIT FOR THE YEAR The following items have been included in arriving at profit for the year: Group 2023 2022 $’000 $’000 Direct operating expenses arising from rental of investment properties 33,123 39,328 Depreciation and amortisation expense 5,822 6,164 Employee benefits expense (see below) 39,517 31,906 Employee benefits expense Salaries, bonuses and other costs 33,657 28,246 Contributions to defined contribution plans 3,747 3,422 Long-term incentive plan 2,113 238 39,517 31,906 Notes to the Financial Statements Year ended 31 December 2023 201 ANNUAL REPORT 2023
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