Notes on the Accounts
Hong Kong Ferry (Holdings) Co. Ltd. 41
7. TAXATION
(a) Taxation in the consolidated profit and loss account represents:
1999
HK$'000
1998
HK$'000
Provision for Hong Kong profits tax for the year
2,490
7,689
Under provision in respect of prior years
51
3,532
Tax refund relating to a prior year
(3,868)
(1,327)
11,221
Overseas taxation
Deferred taxation (Note 20(a))
236
5,000
6,000
3,673
17,457
The provision for Hong Kong profits tax is based on an estimate of the assessable profits for the year ended 31 December 1999 less relief for available tax loss where applicable at 16% (1998:
16%).
(b) Tax payable in the consolidated balance sheet represents:
1999
HK$'000
1998
HK$'000
Provision for Hong Kong profits tax for the year
1,961
5,589
Provisional profits tax paid
(712)
(1,261)
1,249
4,328
Balance of profits tax provision relating to a prior year
43
Provision for overseas tax
233
235
1,525
4.563