THE VOYAGE CONTINUES |
ANNUAL REPORT 2015
68
9. Taxation (cont’d)
Relationship between tax expense and accounting loss
The reconciliation between the tax expense and the product of accounting loss multiplied by the applicable corporate tax rate for
the years ended 31 December 2015 and 2014 are as follows:
Group
2015
2014
US$’000
US$’000
Accounting loss before tax
(791)
(16,362)
Tax at statutory tax rate of 17%
(134)
(2,782)
Adjustments:
Non-deductible expenses
3,665
2,158
Income not subject to taxation
(3,612)
(2,003)
Effect of partial tax exemption and tax relief
(456)
(21)
Deferred tax assets not recognized
2,629
4,571
Effect of different tax rates in other countries
(1,832)
(3,918)
Under/(over) provision in respect of previous years taxation
451
(626)
Benefits from previously unrecognised temporary difference
(463)
–
Utilisation of previously unrecognised tax losses and
capital allowances
(703)
–
Others
(205)
(140)
Income tax credit recognised in profit or loss
(660)
(2,761)
The above reconciliation is prepared by aggregating separate reconciliations for each national jurisdiction.
10. Dividends
Group and Company
2015
2014
US$’000
US$’000
Declared and paid during the financial year:
Dividends on ordinary shares:
- Final exempt (one-tier) dividend for 2014: S$Nil (2014: S$0.00563 for 2013) per share
–
2,384
Notes to the Financial Statements
For the financial year ended 31 December 2015
