FINANCIAL STATEMENTS - Mewah Group
FINANCIAL STATEMENTS - Mewah Group
FINANCIAL STATEMENTS - Mewah Group
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MEWAH INTERNATIONAL INC.NOTES TOTHE <strong>FINANCIAL</strong> <strong>STATEMENTS</strong>For the financial year ended 31 December 201211. INCOME TAX CREDITTax credit attributable to profit is made up of:<strong>Group</strong>2012 2011US$’000 US$’000Current income tax- Singapore 2,637 1,286- Foreign 1,655 1,4584,292 2,744Deferred income tax (2,958) 2,1501,334 4,894Over provision in prior financial years- Current income tax (6,494) (3,615)- Deferred income tax (239) (2,373)(6,733) (5,988)Income tax credit (5,399) (1,094)Income tax creditThe income tax on the <strong>Group</strong>’s profit before tax differs from the theoretical amount that would arise using the domestic rates of incometax as explained below:<strong>Group</strong>2012 2011US$’000 US$’000Profit before tax 18,126 38,164Tax calculated at domestic rates applicable to profits in the respective countries 3,652 7,384Effects of:- Tax incentives (6,260) (8,893)- Expenses not deductible for tax purposes 3,948 5,837- Income not subject to tax (349) (50)- Deferred tax benefits not recognised 273 916- Others 70 (300)1,334 4,89470