Annual Report 2020

162 Notes to the Financial Statements Annual Report 2020 Miramar Hotel and Investment Company, Limited 21 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 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 and 1 January 2020 203,703 74,464 (2,868) 275,299 Charged to profit or loss 13,831 45 (6,493) 7,383 Exchange adjustments 2,578 5,044 – 7,622 At 31 December 2020 220,112 79,553 (9,361) 290,304 (ii) Reconciliation to the consolidated statement of financial position 2020 2019 HK$’000 HK$’000 Net deferred tax assets recognised in the consolidated statement of financial position (12,267) (8,779) Net deferred tax liabilities recognised in the consolidated statement of financial position 302,571 284,078 290,304 275,299