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Hong Kong Ferry (Holdings) Company Limited Annual Report 2013
Notes to the Accounts (Continued)
6
INCOME TAX IN THE CONSOLIDATED PROFIT AND LOSS ACCOUNT
(a)
Taxation in the consolidated profit and loss account represents:
(b)
Current tax - Hong Kong Profits Tax
Provision for the year
Over-provision in respect of prior year
Deferred tax
Origination and reversal of temporary differences
2013
HK$'000
2012
HK$'000
19,920
(221)
26,705
(17)
19,699
26,688
61
9,994
19,760
36,682
The provision for Hong Kong Profits Tax for 2013 is calculated at 16.5% (2012: 16.5%) of the estimated assessable profits for the year, taking into account a one-off reduction of 75% of the tax payable for the year of assessment 2012-13 subject to a ceiling of HK$10,000 allowed by the Government of Hong Kong Special Administrative Region for each business.
Reconciliation between tax expense and accounting profit at an applicable tax rate:
Profit before taxation
2013
2012
HK$'000
HK$'000
Restated
313,197
433,926
Notional tax on profit before taxation, calculated at 16.5%
51,678
71,598
Tax effect of non-deductible expenses
6,798
7,424
Tax effect of non-taxable income
(40,968)
(44,753)
Tax effect of current year's tax losses not recognised
1,116
514
Tax effect of prior years' unrecognised tax losses utilised this year
(78)
(617)
Tax effect of temporary differences on fixed assets
1,435
2,533
Over-provision in respect of prior year
(221)
(17)
Actual tax expense
19,760
36,682
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