14 DEFERRED TAX LIABILITIES Recognised deferred tax liabilities Movements in deferred tax liabilities during the year are as follows: Balance as at 1/1/2023 Recognised in profit or loss (note 21) Disposal of a subsidiary Translation differences Balance as at 31/12/2023 $’000 $’000 $’000 $’000 $’000 Group Investment properties 198,460 (8) (227) (2,914) 195,311 Balance as at 1/1/2024 Recognised in profit or loss (note 21) Disposal of a subsidiary Translation differences Balance as at 31/12/2024 $’000 $’000 $’000 $’000 $’000 Group Investment properties 195,311 (16,856) – (2,625) 175,830 Unrecognised deferred tax liabilities At 31 December 2024, there was a deferred tax liability of $1.8 million (2023: $2.0 million) for temporary differences of $35.1 million (2023: $39.0 million) related to investments in subsidiaries and a joint venture. However, this liability was not recognised because the Group controls the dividend policy of its subsidiaries and is able to veto the payment of dividends of its joint venture – i.e. the Group controls the timing of reversal of the related taxable temporary differences and management is satisfied they will not reverse in the foreseeable future. Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the following item: Group 2024 2023 $’000 $’000 Tax losses 128,561 107,360 Tax losses with expiry dates are as follows: Group 2024 2023 $’000 $’000 Within 5 years 59,660 55,944 The remaining tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of this item because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom. Notes to the Financial Statements Year ended 31 December 2024 204 PERENNIAL HOLDINGS PRIVATE LIMITED
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