Annual Report 2019

135 Miramar Hotel and Investment Company, Limited Annual Report 2019 Notes to the Financial Statements 4 Taxation in the consolidated statement of profit or loss (a) Taxation in the consolidated statement of profit or loss represents: 2019 2018 HK$’000 HK$’000 Current tax – Hong Kong Profits Tax Provision for the year 132,046 143,710 Over-provision in respect of prior years (359) (309) 131,687 143,401 Current tax – Overseas Taxation Provision for the year 6,410 7,518 138,097 150,919 Deferred tax Change in fair value of investment properties (55) 1,594 Origination and reversal of temporary differences 6,003 6,109 5,948 7,703 144,045 158,622 Provision for Hong Kong Profits Tax is calculated at 16.5% (2018: 16.5%) of the estimated assessable profits for the year. Overseas taxation is calculated at rates of tax applicable in the jurisdictions in which the Group is assessed for tax. Share of associates’ taxation for the year ended 31 December 2019 of HK$24,000 (2018: HK$853,000) is included in the share of profits less losses of associates.