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Notes to the Consolidated Financial Statements31 December 2024208ADVANCING AHEAD29.DEFERRED TAX (continued)The movements in deferred tax liabilities during the years ended 31 December 2024 and 2023 are as follows:Fair value adjustments of investment propertiesGain on fair value change of financial assets at fair value through profit or lossFair value adjustments arising from acquisition of subsidiariesUnbilled revenueOthersTotalUS$%u2019000US$%u2019000US$%u2019000US$%u2019000US$%u2019000US$%u201900031 December 2024At 1 January 2024228,6957,312313,26717,36414,200580,838Deferred tax charged/(credited) to profit or loss during the year(68,699)(2,720)(10,594)(11,413)14,806(78,620)Reclassification10,350%u2013(10,350)%u2013%u2013%u2013Reclassification to liabilities directly associated with the assets held for sale(4,854)%u2013(19,772)%u2013%u2013(24,626)Disposal of subsidiaries(30,390)(2)%u2013(679)%u2013(31,071)Exchange realignment(6,197)(280)(525)(578)(448)(8,028)At 31 December 2024128,9054,310272,0264,69428,558438,49331 December 2023At 1 January 2023250,7627,100322,82720,75116,064617,504Acquisition of subsidiaries%u2013%u2013%u2013%u20133636Deferred tax charged/(credited) to profit or loss during the year23,403761(9,711)(2,679)(1,150)10,624Disposal of subsidiaries(36,602)(36,602)Exchange realignment(8,868)(549)151(708)(750)(10,724)At 31 December 2023228,6957,312313,26717,36414,200580,838In accordance with China laws and regulations, tax losses could be carried forward for five years to offset against future taxable profits. Deferred tax assets relating to unutilised tax losses are recognised to the extent that it is probable that sufficient taxable profit will be available to allow such deferred tax assets to be utilised.The Group had unused tax losses available for offsetting against future profits in respect of certain subsidiaries ofUS$59,739,000asat31December2024(2023:US$38,642,000),andthedeferredtaxassetshavenotbeenrecognised.No deferred tax assets have been recognised in respect of these losses due to the unpredictability of future available taxable profit of the subsidiaries to offset against the unused tax losses. The available period of the unused tax losses will expire in one to five years for offsetting against future taxable profits.Pursuant to China Corporate Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign investment enterprises established in China. The requirement becomes effective on 1January2008andappliestoearningsafter31December2007.Alowerwithholdingtaxratemaybeappliedifthere is a tax treaty between China and the jurisdiction of the foreign investors. The Group is therefore liable to withholding taxes on dividends distributed by its subsidiaries, joint ventures and associates established in China in respect of earnings generated from 1 January 2008.