NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 33 TAX EXPENSE (CONT’D) Tax recognised in other comprehensive income 2024 2023 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 3,255 (128) 3,127 5,329 37 5,366 Changes in fair value of equity investments measured at FVOCI (7,215) – (7,215) (4,614) – (4,614) Effective portion of changes in fair value of cash flow hedges (3,480) – (3,480) (10,362) – (10,362) Exchange differences on hedges of net investments in foreign operations 4,574 – 4,574 16,553 – 16,553 Exchange differences on monetary items forming part of net investments in foreign operations 27,660 – 27,660 5,933 – 5,933 Share of translation differences of equity-accounted investees (10,485) – (10,485) (18,255) – (18,255) Share of other comprehensive income of equity-accounted investees (299) – (299) 1 – 1 Translation differences arising on consolidation of foreign operations (153,507) – (153,507) (136,763) – (136,763) (139,497) (128) (139,625) (142,178) 37 (142,141) Reconciliation of effective tax rate Group 2024 2023 $’000 $’000 Profit before tax 374,025 472,568 Tax using the Singapore tax rate of 17% (2023: 17%) 63,584 80,336 Income not subject to tax (80,453) (134,314) Expenses not deductible for tax purposes: – expenses 152,799 184,281 – write-back (29,856) (10,200) Effect of changes in tax rates and legislation 22,198 (22) Effect of different tax rates in other countries 4,316 23,398 Current tax expense related to global minimum top-up tax 749 – Effect of share of results of associates and joint ventures (10,335) (8,100) Land appreciation tax 17,885 10,190 Effect of tax deduction on land appreciation tax (4,471) (2,547) Unrecognised deferred tax assets 36,591 29,270 Utilisation of previously unrecognised deferred tax assets (4,962) (13,563) Tax effect of losses not allowed to be set off against future taxable profits 3,825 18,127 Withholding taxes 9,546 24,997 Over provision in respect of prior years (19,355) (78,091) 162,061 123,762 ANNUAL REPORT 2024 FINANCIALS 161
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