ESR Interim Report 2020 (EN)

Notes to Condensed Consolidated Financial Information 30 June 2020 48 7. INCOME TAX EXPENSE For the six months ended 30 June 2020 2019 (Unaudited) (Audited) US$’000 US$’000 Current tax 18,237 17,577 Deferred tax 29,510 21,059 47,747 38,636 The Company was incorporated in the Cayman Islands as an exempted company with limited liability under the Cayman Islands Companies Law and is exempted from the payment of Cayman Islands income tax. During the period, Hong Kong profits tax was provided at the rate of 16.5% (30 June 2019: 16.5%) on the estimated assessable profits arising in Hong Kong. During the period, subsidiaries incorporated in China are subject to China income tax at the rate of 25% (30 June 2019: 25%). Taxes on estimated assessable profits elsewhere were calculated at the rates of taxation prevailing in the respective jurisdictions in which the Group operates. 8. DIVIDENDS No dividend has been paid or declared by the Company during the six months ended 30 June 2020 (30 June 2019: nil).