NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
12 INCOME TAX EXPENSE
(a)
Major components of income tax expense
The major components of income tax expense for the years ended 31 December 2014 and 2013 are:
Group
2014
2013
$’000
$’000
(i)
Consolidated income statement:
Income tax
– Current income tax
9,317
15,069
– Under/(Over) provision in respect of prior years
351
(14,374)
– Benefits from previously unrecognised tax losses and unutilised capital
allowances
(194)
(3,068)
9,474
(2,373)
Deferred tax
– Originating and reversal of temporary differences
(326)
(1,146)
– Under/(Over) provision in respect of prior years
36
(37,360)
(note 19)
(290)
(38,506)
Income tax expense/(credit) attributable to continuing operations
9,184
(40,879)
Income tax expense attributable to discontinued operations (note 24)
–
7,572
Income tax expense/(credit) recognised in profit or loss *
9,184
(33,307)
(ii)
Statement of comprehensive income:
Deferred tax related to other comprehensive income
– Net change on revaluation of property, plant and equipment
161
(25,595)
– Net change in hedging reserve for derivatives designated as hedging
instruments in cash flow hedges
(427)
(170)
– Net change in available-for-sale investment securities
72
204
(194)
(25,561)
Deferred tax related to other comprehensive income attributable to
continuing operations
(194)
223
Deferred tax related to other comprehensive income attributable to
discontinued operations
–
(25,784)
(194)
(25,561)
* In 2013, income tax credit included reversal of income tax provision and deferred tax liabilities of $14.3
million and $37.3 million respectively, relating to provisions of current and deferred tax liabilities made
on certain investment properties that were no longer required.
88
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
