Annual Report 2023

257 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 29 Income tax in the consolidated statement of financial position (a) Current taxation in the consolidated statement of financial position represents: 2023 2022 $’000 $’000 Provision for Hong Kong Profits Tax for the year 20,521 19,563 Provisional Profits Tax paid (15,070) (8,633) Net current tax payable 5,451 10,930 Representing: Current tax recoverable (1,915) (2,551) Current tax payable 7,366 13,481 Net current tax payable 5,451 10,930 (b) Deferred tax assets and liabilities recognised: (i) The components of deferred tax liabilities/(assets) of the Group recognised in the consolidated statement of financial position and the movements during the year are as follows: Deferred tax liabilities/ (assets) arising from: Depreciation allowances in excess of the related depreciation Intangible assets Provisions Tax losses Employee benefit assets Others Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 At 1 January 2022 (restated) 1,118,550 14,511 (36,117) (233,530) 323,111 (5,154) 1,181,571 (Credited)/charged to profit or loss (restated) (14,592) – (4,458) (94,750) (3,740) (406) (117,901) Credited to reserves – – – – (65,308) – (65,308) At 31 December 2022 and 1 January 2023 (restated) 1,103,958 14,511 (40,575) (328,235) 254,263 (5,560) 998,362 Charged/(credited) to profit or loss 4,064 – (2,846) (173) 2,985 (84) 3,946 (Credited)/charged to reserves – – (2,525) – 8,282 – 5,577 At 31 December 2023 1,108,022 14,511 (45,946) (328,408) 265,530 (5,644) 1,008,065 (ii) Amounts recognised in the consolidated statement of financial position: 2023 2022 $’000 $’000 (restated) Net deferred tax assets (2,028) (730) Net deferred tax liabilities 1,010,093 999,092 1,008,065 998,362