87
LIPPO MALLS INDONESIA RETAIL TRUST ANNUAL REPORT 2014
10. INCOME TAX
10A. Components of tax expense recognised in statements of total return include:
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Current tax expense:
Singapore income tax
406
1,727
367
1,721
Foreign income tax
14,325
15,268
–
–
Foreign withholding tax
9,542
10,286
–
–
Subtotal
24,273
27,281
367
1,721
Deferred tax expense (income):
Deferred tax expense (income)
570
(4,565)
–
–
Change in foreign exchange rates
1,250
(12,061)
–
–
Subtotal
1,820
(16,626)
–
–
Total income tax expense
26,093
10,655
367
1,721
The income tax in statements of total return varied from the amount of income tax expense determined by applying
the Singapore income tax rate of 17% (2013: 17%) to total return before income tax as a result of the following
differences:
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Total return before tax
89,915
81,095
42,430
21,010
Income tax expense at the above rate
15,286
13,786
7,213
3,572
Not deductible (Not liable to tax) items
9,167
8,830
(6,846)
(1,851)
Foreign withholding tax
9,542
10,286
–
–
Effect of different tax rates in different countries
(9,233)
(10,197)
–
–
Deferred tax adjustments due to changes
in foreign exchange rates
1,250
(12,061)
–
–
Other minor items less than 3% each
81
11
–
–
Total income tax expense
26,093
10,655
367
1,721
Effective tax rate
29.0%
13.1%
0.9%
8.2%
Notes to the Financial Statements
(Cont’d)
31 December 2014
