NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 33 TAX EXPENSE (CONT’D) Tax recognised in other comprehensive income 2025 2024 Before tax Tax expense (note 29) Net of tax Before tax Tax expense (note 29) Net of tax $’000 $’000 $’000 $’000 $’000 $’000 Group Defined benefit plan remeasurements 267 (34) 233 3,255 (128) 3,127 Changes in fair value of equity investments measured at FVOCI 55,905 – 55,905 (7,215) – (7,215) Effective portion of changes in fair value of cash flow hedges (12,145) – (12,145) 15,435 – 15,435 Net change in fair value of cash flow hedges reclassified to profit or loss 463 – 463 (18,915) – (18,915) Exchange differences on hedges of net investments in foreign operations 35,787 – 35,787 4,574 – 4,574 Exchange differences on monetary items forming part of net investments in foreign operations (11,275) – (11,275) 27,660 – 27,660 Share of translation differences of equityaccounted investees 23,111 – 23,111 (10,485) – (10,485) Exchange differences reclassified to profit or loss on liquidation of a subsidiary (1,082) – (1,082) – – – Share of other comprehensive income of equity-accounted investees (11,622) – (11,622) (299) – (299) Translation differences arising on consolidation of foreign operations (79,927) – (79,927) (153,507) – (153,507) (518) (34) (552) (139,497) (128) (139,625) Reconciliation of effective tax rate Group 2025 2024 $’000 $’000 Profit before tax 771,501 374,025 Tax using the Singapore tax rate of 17% (2024: 17%) 131,156 63,584 Income not subject to tax (163,296) (80,453) Expenses not deductible for tax purposes: – expenses 150,417 152,799 – write-back (3,905) (29,856) Effect of changes in tax rates and legislation 1,416 22,198 Effect of different tax rates in other countries 6,071 4,316 Current tax expense related to global minimum top-up tax 297 749 Effect of share of results of associates and joint ventures (30,816) (10,335) Land appreciation tax 6,131 17,885 Effect of tax deduction on land appreciation tax (1,533) (4,471) Unrecognised deferred tax assets 41,002 36,591 Utilisation of previously unrecognised deferred tax assets (14,994) (4,962) Tax effect of losses not allowed to be set off against future taxable profits 2,095 3,825 Origination of temporary differences 8,560 – Withholding taxes 25,253 9,546 Over provision in respect of prior years (21,981) (19,355) 135,873 162,061 The Group has applied a temporary mandatory relief from deferred tax accounting for the impact of the top-up tax and accounts for it as a current tax when it is incurred (see note 29). 184 | CITY DEVELOPMENTS LIMITED
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