Annual Report 2020

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2020 123 The United Laboratories International Holdings Limited Annual Report 2020 31. DEFERRED TAXATION (Continued) The following is the analysis of the deferred tax balances for financial reporting purpose: 2020 2019 RMB’000 RMB’000 Deferred tax assets 78,253 51,289 Deferred tax liabilities (119,582) (77,803) (41,329) (26,514) The Group’s unrecognised deductible temporary differences are as follows: 2020 2019 RMB’000 RMB’000 Tax loss carry forwards 802,997 909,566 During the years ended 31 December 2020 and 2019, no tax loss was expired. Included in unrecognised tax losses are losses of RMB361,852,000 (2019: RMB581,559,000) that will expire within five years. Other losses may be carried forward indefinitely. No deferred tax asset in respect of tax losses has been recognised because the amount of future taxable profit that will be available to realise such assets is uncertain. The unused tax losses will be expired as follow: 2020 2019 RMB’000 RMB’000 2021 218,412 438,119 2022 100,302 100,302 2023 23,502 23,502 2024 19,636 19,636 361,852 581,559