Page 152 - EXIM-Bank_Annual-Report-2022

150 eXIM BANK MALAYsIA ANNUAL REPORT 2022

Notes to the fiNaNcial statemeNts

13. 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
2022 2021 2022 2021
rM’000 rM’000 rM’000 rM’000
Unutilised business losses 1,327,451 1,104,693 1,327,451 1,104,693
Unabsorbed capital allowance 4,465 - 4,465 -
Other deductible temporary differences 232,203 401,012 232,203 401,012
1,564,119 1,505,705 1,564,119 1,505,705
Tax rate 24% 24% 24% 24%
375,389 361,369 375,389 361,369

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%).

14. INVESTMENT IN SUBSIDIaRIES aND JOINTLy CONTROLLED ENTITy
(a) Investment in subsidiaries

Bank
2022 2021
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 (%)
2022 2021
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.