CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 196 197 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 YEAR ENDED 31 DECEMBER 2021 29 DEFERRED TAX LIABILITIES (CONT’D) At 1 January 2020 Recognised in profit or loss (note 33) Recognised in the statement of comprehensive income (note 33) Translation differences on consolidation At 31 December 2020 $’000 $’000 $’000 $’000 $’000 Group Deferred tax liabilities Property, plant and equipment 162,295 (6,860) – 412 155,847 Investment properties 35,350 (1,665) – 180 33,865 Development properties 23,414 17,794 – – 41,208 Employee benefits – 879 – 16 895 Unremitted earnings 37,702 18,164 – 42 55,908 Others 18,359 (4,410) – 256 14,205 277,120 23,902 – 906 301,928 Deferred tax assets Property, plant and equipment (56) (4,763) – – (4,819) Tax losses (125,498) (37,790) – 3,886 (159,402) Development properties (41,917) 4,009 – (1,084) (38,992) Employee benefits (9,864) 9,918 363 (417) – Trade and other payables (13,154) (3,368) – – (16,522) Others (2,090) (2,787) – (289) (5,166) (192,579) (34,781) 363 2,096 (224,901) Total 84,541 (10,879) 363 3,002 77,027 29 DEFERRED TAX LIABILITIES (CONT’D) At 1 January 2020 Recognised in profit or loss At 31 December 2020 Recognised in profit or loss At 31 December 2021 $’000 $’000 $’000 $’000 $’000 Company Deferred tax liabilities Property, plant and equipment 1,185 (1,185) – – – Investment properties 10,786 862 11,648 (470) 11,178 Unremitted earnings 14,080 (3) 14,077 (5) 14,072 26,051 (326) 25,725 (475) 25,250 Deferred tax assets Property, plant and equipment – (4,819) (4,819) 1,204 (3,615) Tax losses – (1,115) (1,115) 1,115 – Development properties (2,788) (74) (2,862) – (2,862) Trade and other payables (1,929) 935 (994) 906 (88) Others (92) (199) (291) 171 (120) (4,809) (5,272) (10,081) 3,396 (6,685) Total 21,242 (5,598) 15,644 2,921 18,565 Deferred tax liabilities and assets are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same taxation authority. The amounts, determined after appropriate offsetting, are as follows: Group Company Note 2021 2020 2021 2020 $’000 $’000 $’000 $’000 Deferred tax assets 11 69,302 19,818 – – Deferred tax liabilities (196,068) (96,845) (18,565) (15,644) (126,766) (77,027) (18,565) (15,644) Deferred tax assets have not been recognised in respect of the following items because it is not probable that future taxable profit will be available against which the Group can utilise the benefits therefrom: Group 2021 2020 $’000 $’000 Deductible temporary differences 623,811 143,085 Tax losses 745,296 593,221 1,369,107 736,306 The deductible temporary differences do not expire under current tax legislation. The tax losses are subject to agreement by the tax authorities and compliance with tax regulations in the respective countries in which certain subsidiaries operate.
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