Asia-Pacific Strategic Investments Limited - Annual Report 2021

Notes to the Financial Statements For the financial year ended 30 June 2021

9

Income taxes

(a)

Income tax credit

Group

2021

2020

S$’000

S$’000

Tax credit attributable to loss is made up of:

Loss for the financial year: - Deferred income tax (Note 24)

(16)

(11)

Under/(over) provision in prior financial years: - Current income tax - Singapore

1

(2)

(15)

(13)

The tax on the Group’s loss before income tax differs from the theoretical amount that would arise using the standard rate of income tax in the countries where the Group operates as follows:

Group

2021

2020

S$’000

S$’000

(5,071)

Loss before income tax

(6,975)

(862)

Tax calculated at tax rate of 17% (2020: 17%)

(1,186)

Effects of: - Different tax rate in other country

(364)

(400)

1,457

- Expenses not deductible for tax purposes

1,610

(253)

- Income not subject to tax

(55)

6 1

- Deferred tax assets not recognised

20

- Under/(over) provision in prior financial years

(2)

(15)

Tax credit recognised in profit or loss

(13)

(b)

Movement in current income tax liabilities

Group

Company

2021

2021

2020

2020

S$’000

S$’000

S$’000

S$’000

15

15

Beginning of financial year Income tax (paid)/refunded

16

16

(1)

(1)

1

1

1

1

Under/(over) provision in prior financial years

(2)

(2)

15

15

End of financial year

15

15

Deferred income tax assets are recognised for tax losses carried forward to the extent that realisation of the related tax benefits through future taxable profits is probable. The Group has unrecognised tax losses of S$4,075,000 (2020: S$4,039,000) at the balance sheet date which can be carried forward and used to offset against future taxable income subject to meeting certain statutory requirements by those companies with unrecognised tax losses in Singapore. The tax losses have no expiry date.

ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED

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