Annual Report 2021

162 Notes to the Financial Statements Annual Report 2021 Miramar Hotel and Investment Company, Limited 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: 2021 2020 HK$’000 HK$’000 Provision for Hong Kong Profits Tax for the year 84,616 85,229 Provisional Hong Kong Profits Tax paid (61,254) (73,208) 23,362 12,021 Balance of Hong Kong Profits Tax provision relating to prior years 227 227 Overseas tax payable 2,355 3,524 25,944 15,772 Representing: Tax recoverable (896) (3,665) Tax payable 26,840 19,437 25,944 15,772