Page 172 - EXIM_AR2021

170 FINANCIAL EXIM BANK MALAYSIA
STATEMENTS

Notes to the fiNaNcial statemeNts

35. allOwances fOr ecl On Other assets

Group and Bank
2021 2020
RM’000 RM’000

Allowances for other assets - 624

36. taxatiOn

The major components of taxation for the years ended 31 December 2021 and 2020 are:
Group Bank
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000

Deferred tax expense (Note 11):
- Origination and reversal of temporary differences 1,631 2,676 1,631 2,676
- Benefits from previously unutilised business losses (1,631) (2,676) (1,631) (2,676)
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Income tax is calculated at the Malaysian statutory tax rate of 24% (2020: 24%) of the estimated assessable profit for the year.

A reconciliation of the taxation applicable to loss before taxation and zakat at the statutory tax rate to taxation at the effective
tax rate of the Group and the Bank is as follows:

Group Bank
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Profit before taxation 51,107 51,150 51,107 51,150

Income tax using Malaysian statutory tax rate of 24%
(2020: 24%) 12,266 12,276 12,266 12,276
Non-deductible expenses 1,409 5,366 1,409 5,366
Deferred tax assets not recognised on unutilised
business losses (13,675) (17,642) (13,675) (17,642)

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