CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 204 205 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 YEAR ENDED 31 DECEMBER 2021 33 TAX EXPENSE (CONT’D) Tax recognised in other comprehensive income 2021 2020 Before tax Tax expense (note 29) Net of tax Before tax Tax expense (note 29) Net of tax $’000 $’000 $’000 $’000 $’000 $’000 Group Defined benefit plan remeasurements 4,712 (130) 4,582 (3,447) (363) (3,810) Changes in fair value of equity investments measured at FVOCI 3,418 – 3,418 (43,077) – (43,077) Effective portion of changes in fair value of cash flow hedges 473 – 473 (2,952) – (2,952) Exchange differences on hedges of net investments in foreign operations (4,939) – (4,939) 8,665 – 8,665 Exchange differences on monetary items forming part of net investments in foreign operations (20,494) – (20,494) 14,029 – 14,029 Exchange differences reclassified to profit or loss on disposal of foreign operations – – – 2,032 – 2,032 Share of translation differences of equity-accounted investees 25,570 – 25,570 13,192 – 13,192 Share of other comprehensive income of equity-accounted investee 4,637 – 4,637 – – – Translation differences arising on consolidation of foreign operations (18,698) – (18,698) 62,320 – 62,320 (5,321) (130) (5,451) 50,762 (363) 50,399 33 TAX EXPENSE (CONT’D) Reconciliation of effective tax rate Group 2021 2020 $’000 $’000 Profit/(Loss) before tax 227,747 (1,790,811) Tax using the Singapore tax rate of 17% (2020: 17%) 38,717 (304,438) Income not subject to tax (93,098) (103,288) Expenses not deductible for tax purposes: – expenses 80,757 429,219 – write-back (4,934) (4,024) Effect of changes in tax rates and legislation (6,442) 85 Effect of different tax rates in other countries 4,093 (4,662) Effect of share of results of associates and joint ventures (18,274) 6,699 Land appreciation tax 22,482 12,508 Effect of tax deduction on land appreciation tax (5,621) (3,129) Unrecognised deferred tax assets 88,976 77,866 Tax effect of losses not allowed to be set off against future taxable profits 9,932 903 Tax incentives (222) (366) Utilisation of previously unrecognised deferred tax assets (24,909) (8,161) Withholding taxes 2,829 693 Over provision in respect of prior years (6,378) (12,203) 87,908 87,702 34 EARNINGS PER SHARE Basic earnings per share Basic earnings per share is calculated based on: Group 2021 2020 $’000 $’000 Profit/(Loss) attributable to owners of the Company 97,657 (1,917,391) Less: Dividends on non-redeemable convertible non-cumulative preference shares (12,904) (12,904) Profit/(Loss) attributable to ordinary shareholders after adjustment for non-redeemable convertible non-cumulative preference dividends 84,753 (1,930,295)
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