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ENRICHING STAKEHOLDER ASPIRATIONS ENRICHING PERFORMANCE ENRICHING THE COMMUNITY ENRICHING ACCOUNTABILITY & INTEGRITY ENRICHING RESILIENCE & SUSTAINABLE GROWTH

notes to tHe financial statements

for the year ended 31 december 2023

6. TAXATiON

Group
31 December 31 December
2023 2022
RM’000 RM’000

current taxation
foreign income tax 465 2,693
deferred taxation
foreign income tax (7) (16)
Tax expenses for financial year 458 2,677

a reconciliation of income tax expense applicable to profit before taxation at the statutory income tax rate of the group
and of KWap are as follows:

Group KWAP
31 December 31 December 31 December 31 December
2023 2022 2023 2022
RM’000 RM’000 RM’000 RM’000

profit before taxation 9,548,669 397,151 9,652,764 262,972

taxation at malaysian statutory tax rate of 24%
(2022: 24%) 2,291,681 95,316 2,316,663 63,113
different tax rates in other countries* 465 2,693 - -
income not subject to tax (2,291,681) (95,316) (2,316,663) (63,113)
capital allowances in excess of depreciation (7) (16) - -
tax expenses for the financial year 458 2,677 - -

* different tax rates in other countries refers to the corporate tax rate of the united Kingdom of 19% (2022 – united
Kingdom: 19%).

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