81
Annual Report 2015
TEHO INTERNATIONAL INC LTD.
22 TAX EXPENSE/(CREDIT)
Group
2015
2014
Tax recognised in profit or loss
$
$
Current tax expense
Current year
369,740
492,343
Adjustment for prior periods
34,854
(100,461)
404,594
391,882
Deferred tax credit
Origination and reversal of temporary differences
(184,741)
(303,200)
Adjustment for prior periods
12,293
(93,213)
(172,448)
(396,413)
Total tax expense/(credit)
232,146
(4,531)
Deferred tax expense recognised in other comprehensive income:
Group
2015
2014
$
$
Gains on property revaluation
505,106 4,265,074
Deferred tax income credited directly to equity:
Group
2015
2014
$
$
Deferred tax income related to transfer of revaluation
reserve to retained earnings
(113,464)
–
22 TAX EXPENSE/(CREDIT) (CONT’D)
Reconciliation of effective tax rate
Group
2015
2014
$
$
(Loss)/Profit before tax
(7,456,501) 3,387,639
Share of loss/(profit) from associates
51,212
(27,729)
(7,405,289) 3,359,910
Tax using the Singapore tax rate of 17% (2014: 17%)
(1,258,899)
571,185
Effect of tax rates in foreign jurisdictions
(9,460)
(6,640)
Non-deductible expenses
775,073
135,492
Tax effect of losses not allowed to be set off
against future taxable profits
233,685
–
Under/(over) provided in prior years
47,147
(193,674)
Tax incentives
(111,396)
(338,862)
Corporate tax rebate
(45,628)
(91,604)
Tax exempt income
(72,311)
(80,904)
Recognition of tax effect of previously
unrecognised tax losses
(8,973)
–
Current year losses for which no deferred tax
asset was recognised
475,107
–
Change in unrecognised temporary differences
228,170
–
Others
(20,369)
476
Total tax expense/(credit)
232,146
(4,531)
NOTES TO THE
FINANCIAL STATEMENTS
Year ended 30 June 2015
