Annual Report 2020

161 Notes to the Financial Statements Miramar Hotel and Investment Company, Limited Annual Report 2020 19 Bank loan At 31 December 2020, the bank loan was secured as follows: 2020 2019 HK$’000 HK$’000 Secured bank loan 2,993 2,727 Bank loan is repayable within one year or on demand. Interest on bank loans is charged at prevailing market rates. The effective interest rate per annum on bank loan is 0.8% for the year ended 31 December 2020 (2019: 0.9%). At 31 December 2020, banking facilities of HK$387,640,000 (2019: HK$389,450,000) were secured by the Group’s investment in listed equity securities with an aggregate carrying value of HK$80,367,000 (2019: HK$96,635,000). The facilities were utilised to the extent of HK$2,993,000 (2019: HK$2,727,000). 20 Deferred liabilities Deferred liabilities represent refundable rental deposits received on properties held under operating leases with unexpired lease terms exceeding one year as at the end of the reporting period. 21 Taxation in the consolidated statement of financial position (a) Tax (recoverable)/payable in the consolidated statement of financial position represents: 2020 2019 HK$’000 HK$’000 Provision for Hong Kong Profits Tax for the year 85,229 132,046 Provisional Hong Kong Profits Tax paid (73,208) – 12,021 132,046 Balance of Hong Kong Profits Tax provision relating to prior years 227 3,840 Overseas tax payable 3,524 2,424 15,772 138,310 Representing: Tax recoverable (3,665) (2,976) Tax payable 19,437 141,286 15,772 138,310