Page 150 - EXIM_AR2021

148 FINANCIAL EXIM BANK MALAYSIA
STATEMENTS

Notes to the fiNaNcial statemeNts

11. DeferreD tax (liabilities)/assets (cOnt’D.)

At the reporting date, the Group and the Bank have not recognised deferred tax assets for the following items:
Group Bank
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000

Unutilised business losses 1,107,512 1,236,742 1,107,512 1,236,742
Other deductible temporary differences 447,106 374,854 447,106 374,854

1,554,618 1,611,596 1,554,618 1,611,596
Tax rate 24% 24% 24% 24%

373,108 386,783 373,108 386,783

The unutilised tax losses above are available for offset against future taxable profits at the Group and the Bank.
The unabsorbed business tax losses will only be allowed to be carried forward consecutively seven years effective from the Year
of Assessment 2019.
The deductible temporary differences do not expire under current tax legislation unless there is a substantial change in
shareholders (more than 50%).

12. investment in sUbsiDiaries anD jOintly cOntrOlleD entity

(a) Investment in subsidiaries

Bank
2021 2020
RM’000 RM’000

Unquoted shares - at cost 73,419 73,419
Less: Allowance for impairment (9,290) (9,290)
64,129 64,129

The subsidiaries are as follows:
Principal Country of Effective ownership
Name of company activities incorporation interest (%)
2021 2020
Malaysia Export Credit Insurance Berhad Dormant Malaysia 100 100

EXIM Sukuk Malaysia Berhad Special Purpose Malaysia 100 100
Vehicle for
Sukuk issuance
Malaysia Export Credit Insurance Berhad, a wholly owned subsidiary of the Bank was formerly engaged in the provision
of export and domestic credit insurance facilities and guarantees. The Company is currently dormant.