NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 34 TAX EXPENSE (CONT’D) Tax recognised in other comprehensive income 2022 2021 Before tax Tax expense (note 30) Net of tax Before tax Tax expense (note 30) Net of tax $’000 $’000 $’000 $’000 $’000 $’000 Restated* Restated* Group Defined benefit plan remeasurements 16,000 (1,258) 14,742 4,712 (130) 4,582 Changes in fair value of equity investments measured at FVOCI 76,462 – 76,462 3,418 – 3,418 Effective portion of changes in fair value of cash flow hedges 18,272 – 18,272 473 – 473 Exchange differences on hedges of net investments in foreign operations (10,694) – (10,694) (4,939) – (4,939) Exchange differences on monetary items forming part of net investments in foreign operations (101,310) – (101,310) (20,494) – (20,494) Exchange differences reclassified to profit or loss on disposal of foreign operations 85,302 – 85,302 – – – Share of translation differences of equity-accounted investees (55,147) – (55,147) 25,570 – 25,570 Share of other comprehensive income of equity-accounted investees 615 – 615 4,637 – 4,637 Translation differences arising on consolidation of foreign operations (145,483) – (145,483) (18,511) – (18,511) (115,983) (1,258) (117,241) (5,134) (130) (5,264) * Refer to Note 47 33 PROFIT FOR THE YEAR (CONT’D) Group 2022 2021 $’000 $’000 The above finance income and finance costs (including amounts capitalised) include the following interest income and expenses in respect of assets and liabilities not at FVTPL: – total interest income on financial assets 49,488 31,773 – total finance costs on financial liabilities 215,002 160,208 During the year, net finance costs of the Group have been capitalised at rates ranging from 0.36% to 12.00% (2021: 0.36% to 12.00%) per annum, 1.32% to 4.86% (2021: 1.00% to 2.94%) per annum, and 1.00% to 12.00% (2021: 4.90% to 12.00%) per annum for development properties, property, plant and equipment, and investment properties, respectively. 34 TAX EXPENSE Group Note 2022 2021 $’000 $’000 Current tax expense Current year 374,638 116,545 Over provision in respect of prior years (56,315) (8,462) 318,323 108,083 Deferred tax expense/(credit) Movements in temporary differences 173,758 (41,128) Effect of changes in tax rates and legislation 1,425 (6,442) Under provision in respect of prior years 25,348 2,084 30 200,531 (45,486) Land appreciation tax 22,037 22,482 Withholding tax 1,677 2,829 Total tax expense 542,568 87,908 CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 FINANCIALS 200 201
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