NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
19 DEFERRED TAX ASSETS AND LIABILITIES
Group
Company
Consolidated
balance sheet
Consolidated
income statement
Balance sheet
2014
2013
2014
2013
2014
2013
$’000
$’000
$’000
$’000
$’000
$’000
Deferred tax assets:
Provisions
1,477
1,810
314
305
–
–
Difference in
depreciation
(120)
(48)
31
(9)
–
–
Fair value changes on
forward currency
contracts, forward
sale contracts and
interest rate swap
contracts
557
235
54
(59)
–
–
Revaluation of property,
plant and equipment
(183)
(100)
–
–
–
–
Fair value changes on
available-for-sale
investment securities
(270)
(202)
–
–
–
–
Others
89
133
56
(59)
–
–
1,550
1,828
–
–
Deferred tax liabilities:
Difference in
depreciation
1,163
1,211
(32)
(2,103)
773
801
Unremitted foreign
income and profits
2,276
3,006
(726)
599
287
287
Fair value changes of
investment properties
2,191
2,139
92
(37,180)
2,176
2,127
Revaluation of property,
plant and equipment
421
406
–
–
55
55
Others
–
95
(79)
–
–
–
6,051
6,857
3,291
3,270
Deferred tax credit
(note 12)
(290)
(38,506)
As at 31 December 2014, certain subsidiaries have unutilised tax losses amounting to $8,935,000 (2013: $10,053,000)
available for set off against future taxable income, subject to the provisions of the Income Tax Act and agreement by the
relevant authorities, for which deferred tax assets have not been recognised.
115
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
