Annual Report 2023

Notes to the Consolidated Financial Statements For the year ended 31 December 2023 170 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED 33. DEFERRED TAXATION (CONTINUED) The movements in deferred tax assets and liabilities during the year are as follows: Deferred tax liabilities Withholding tax relating Accelerated tax Fair value gains to unremitted earnings depreciation allowance and others Total 2023 2022 2023 2022 2023 2022 2023 2022 HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million As at 1 January (2,277) (2,170) (1,757) (1,863) (732) (818) (4,766) (4,851) Adjustments for adoption of amendments to HKAS 12 — — — — (2) — (2) — As at 1 January (adjusted) (2,277) (2,170) (1,757) (1,863) (734) (818) (4,768) (4,851) Exchange adjustments 29 181 (9) 75 12 45 32 301 (Charged)/credited to profit or loss (387) (288) 100 31 70 41 (217) (216) Disposal of a subsidiary (note 37) 62 — 362 — — — 424 — As at 31 December (2,573) (2,277) (1,304) (1,757) (652) (732) (4,529) (4,766) Deferred tax assets Provision Others Total 2023 2022 2023 2022 2023 2022 HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million As at 1 January 30 26 293 368 323 394 Adjustments for adoption of amendments to HKAS 12 — — 64 — 64 — As at 1 January (adjusted) 30 26 357 368 387 394 Exchange adjustments — (2) (19) (17) (19) (19) Disposal of a subsidiary — — — (12) — (12) Credited/(charged) to profit or loss 5 6 (9) (46) (4) (40) As at 31 December 35 30 329 293 364 323 As at 31 December 2023, the Group has unrecognised deductible temporary difference of HK$667 million (2022: HK$620 million). No deferred tax asset has been recognised in relation to such deductible temporary difference as it is not probable that taxable profit will be available against which the deductible temporary difference can be utilised.