NOTES TO THE FINANCIAL STATEMENTS
(CONT’D)
31 DECEMBER 2015
10.
INCOME TAX
10A.
Components of tax expense recognised in statements of total return include:
Group
Trust
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Current tax expense/(income):
Singapore income tax expense
–
406
–
367
Over provision in respect of prior periods
(691)
–
(658)
–
Foreign income tax
18,865
14,325
–
–
Foreign withholding tax
11,538
9,542
–
–
Subtotal
29,712
24,273
(658)
367
Deferred tax (income)/expense:
Deferred tax (income)/expense
(10,130)
570
–
–
Change in foreign exchange rates
(1,753)
1,250
–
–
Subtotal
(11,883)
1,820
–
–
Total income tax expense/(income)
17,829
26,093
(658)
367
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 17.0% (2014: 17.0%) to total return/(loss) before income tax as a result
of the following differences:
Group
Trust
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Total return/(loss) before tax
44,277
89,915
(9,429)
42,430
Income tax expense/(income) at the above rate
7,527
15,286
(1,603)
7,213
Not deductible/(not liable to tax) items
13,221
9,167
1,603
(6,846)
Foreign withholding tax
11,538
9,542
–
–
Effect of different tax rates in different countries
(12,790)
(9,233)
–
–
Deferred tax adjustments due to changes in
foreign exchange rates
(1,753)
1,250
–
–
Over provision in respect of prior periods
(691)
–
(658)
–
Other minor items less than 3% each
777
81
–
–
Total income tax expense/(income)
17,829
26,093
(658)
367
Effective tax rate
40.3% 29.0%
(7.0%)
0.9%
The amount of current income taxes outstanding for the Group as at end of reporting year was $6,871,000 (2014:
$6,538,000). Such an amount is net of tax advances, which, according to the tax rules, were paid before the year-end.
Please refer to Note 12 for income tax on distributions to Unitholders.
ANNUAL REPORT 2015
97
