21 TAX (CREDIT)/EXPENSE Group Note 2024 2023 $’000 $’000 Current tax expense Current year 6,892 11,812 Changes in estimates related to prior years (111) 124 Withholding taxes 1,040 – 7,821 11,936 Deferred tax credit Origination and reversal of temporary differences 14 (16,856) (8) Total tax (credit)/expense (9,035) 11,928 Reconciliation of effective tax rate Profit before tax 11,469 79,559 Less: Share of results of associates and joint ventures, net of tax (67,312) (68,665) (55,843) 10,894 Tax using Singapore tax rate of 17% (2023: 17%) (9,493) 1,852 Effect of tax rates in foreign jurisdictions 180 9,194 Non-deductible expenses 69,891 64,979 Tax exempt income (74,773) (66,691) Current year losses for which no deferred tax asset was recognised 4,446 6,356 Utilisation of previously unrecognised tax losses (842) (3,999) Changes in estimates related to prior years (111) 124 Withholding taxes 1,040 – Others 627 113 (9,035) 11,928 22 PROFIT FOR THE YEAR The following items have been included in arriving at profit for the year: Group 2024 2023 $’000 $’000 Direct operating expenses arising from rental of investment properties 33,472 33,123 Depreciation and amortisation expense 6,633 5,822 Employee benefits expense (see below) 32,315 39,517 Employee benefits expense Salaries, bonuses and other costs 31,810 33,657 Contributions to defined contribution plans 3,575 3,747 (Reversal of)/provision for long-term incentive plan (3,070) 2,113 32,315 39,517 Notes to the Financial Statements Year ended 31 December 2024 OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 211 ANNUAL REPORT 2024
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