Annual Report 2019

162 Annual Report 2019 Miramar Hotel and Investment Company, Limited Notes to the Financial Statements 22 Taxation in the consolidated statement of financial position (Continued) (b) Deferred tax assets and liabilities recognised: (i) Movement of each component of deferred tax assets and liabilities The components of deferred tax liabilities/(assets) recognised in the consolidated statement of financial position and the movements during the year are as follows: Depreciation allowances in excess of related depreciation Revaluation of properties Future benefit of tax loss Total HK$’000 HK$’000 HK$’000 HK$’000 Deferred tax arising from: At 1 January 2018 191,978 78,687 (1,232) 269,433 Charged to profit or loss 5,722 1,594 387 7,703 Exchange adjustments (1,259) (4,229) – (5,488) At 31 December 2018 196,441 76,052 (845) 271,648 Deferred tax arising from: At 1 January 2019 196,441 76,052 (845) 271,648 Charged to profit or loss 8,026 (55) (2,023) 5,948 Exchange adjustments (764) (1,533) – (2,297) At 31 December 2019 203,703 74,464 (2,868) 275,299 (ii) Reconciliation to the consolidated statement of financial position 2019 2018 HK$’000 HK$’000 Net deferred tax assets recognised in the consolidated statement of financial position (8,779) (6,540) Net deferred tax liabilities recognised in the consolidated statement of financial position 284,078 278,188 275,299 271,648