Annual Report 2024

250 2024 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: 2024 2023 $’000 $’000 Provision for Hong Kong Profits Tax for the year 19,721 20,521 Provisional Profits Tax paid (16,394) (15,070) Net current tax payable 3,327 5,451 Representing: Current tax recoverable (836) (1,915) Current tax payable 4,163 7,366 Net current tax payable 3,327 5,451 (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 2023 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 – 5,757 At 31 December 2023 and 1 January 2024 1,108,022 14,511 (45,946) (328,408) 265,530 (5,644) 1,008,065 (Credited)/charged to profit or loss (48,405) – 9,940 73,195 2,132 316 37,178 (Credited)/charged to reserves – – (2,093) – 22,037 – 19,944 At 31 December 2024 1,059,617 14,511 (38,099) (255,213) 289,699 (5,328) 1,065,187 (ii) Amounts recognised in the consolidated statement of financial position: 2024 2023 $’000 $’000 Net deferred tax assets (763) (2,028) Net deferred tax liabilities 1,065,950 1,010,093 1,065,187 1,008,065