Annual Report 2019

ANNUAL REPORT 2019 207 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 March 2019 10. INCOME TAX EXPENSE 2019 2018 HK$’000 HK$’000 The income tax expense comprises: Current tax: Hong Kong Profits Tax 78,970 22,143 PRC Enterprise Income Tax (“PRC EIT”) 92,045 248,385 PRC Land Appreciation Tax (“PRC LAT”) 94,226 144,639 Australia Income Tax 16,685 44,361 Malaysia Income Tax 4,049 32,602 Singapore Income Tax 5,241 6,427 UK Income Tax 8,293 3,293 Czech Republic Income Tax 4,528 – 304,037 501,850 Under(over)provision in prior years: Hong Kong Profits Tax 17,934 2,005 PRC EIT 10,890 25,000 Australia Income Tax (2,038) (76,240) Malaysia Income Tax 182 (750) Singapore Income Tax 3 (12,171) 26,971 (62,156) Deferred taxation (note 36) 212,753 131,041 543,761 570,735 Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profits for both years of each individual company comprising the Group less tax losses brought forward where applicable. PRC EIT is calculated in accordance with the EIT Law and Implementation Regulations of the EIT Law at the rate of 25% for both years. PRC LAT is levied at the deemed levying rates in accordance with the relevant PRC tax laws and regulations. The domestic statutory tax rate of Australia, Malaysia, Singapore, UK and Czech Republic is 30%, 24%, 17%, 19% and 19% of the estimated assessable profits for both years, respectively.