Annual Report - QuamIR

Notes to the Consolidated Financial Statements (Continued)
12 Income tax (expense)/credit
Hong Kong profits tax has not been provided as the Group has
sufficient tax losses brought forward to offset taxable profit for the
year (2010: Nil). Mainland China income tax has been provided on the
estimated assessable profits of subsidiaries operating in the Mainland
China at rates ranging from 12% to 25% (2010: 22% to 25%), and also
withholding tax has been provided at rates ranging from 5% to 10%
on income sourced from the Mainland China by the Group’s non-tax
resident enterprises, including profit on direct or indirect equity transfer
transactions, interest and dividend income received.
12
12%25%
22%25%
5%10%
Mainland China land appreciation tax is provided at progressive rates
ranging from 30% to 60% on the appreciation of land value, being the
proceeds of sale of properties less deductible expenditures (including
costs of land use rights and property development expenditures).
30%
60%
2011 2010
HK$ Million HK$ Million
Current income tax
Mainland China income tax (116.3) (10.7)
Mainland China land appreciation tax (33.9) (14.4)
(150.2) (25.1)
Deferred income tax (Note 38)
38
Credited to the income statement 29.8 42.9
(120.4) 17.8
Note:
The share of income tax expense of associated companies amounting to
HK$22.7 million (2010: HK$10.8 million) and the share of income tax credit of
jointly controlled entities amounting to HK$3.6 million (2010: HK$4.1 million) are
included in the Group’s share of profits less losses of associated companies and
share of profits less losses of jointly controlled entities respectively.
22,700,000
10,800,000
3,600,000
4,100,000
•
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