Notes to the Financial Statements For the financial year ended 31 December 2024 9 DEFERRED TAX (continued) At 1/1/2023 Recognised in profit or loss At 31/12/2023 Recognised in profit or loss At 31/12/2024 $’M $’M $’M $’M $’M The Company Deferred tax liability Right-of-use assets – 17 17 (2) 15 Total – 17 17 (2) 15 Deferred tax asset Lease liabilities – (17) (17) 2 (15) Total – (17) (17) 2 (15) Deferred tax liabilities and assets are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same taxation authority. The following amounts, determined after appropriate offsetting, are shown on the balance sheets: Gross amount Offset Net amount $’M $’M $’M The Group 31 December 2024 Deferred tax liabilities 331 (125) 206 Deferred tax assets (187) 125 (62) 31 December 2023 Deferred tax liabilities 687 (179) 508 Deferred tax assets (251) 179 (72) The Company 31 December 2024 Deferred tax liabilities 15 (15) – Deferred tax assets (15) 15 (*) 31 December 2023 Deferred tax liabilities 17 (17) – Deferred tax assets (17) 17 (*) * Less than $1 million As at 31 December 2024, deferred tax liabilities amounting to $11 million (2023: $13 million) had not been recognised for taxes that would be payable on the undistributed earnings of certain subsidiaries as these earnings would not be distributed in the foreseeable future. 136 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 9 DEFERRED TAX (continued) A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The Group has not recognised deferred tax assets in respect of the following: The Group 2024 2023 $’M $’M Deductible temporary differences 45 48 Tax losses 696 1,089 Unutilised capital allowances 51 16 792 1,153 Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profits will be available against which the subsidiaries of the Group can utilise the benefits. Temporary differences would expire in the following periods: The Group 2024 2023 Expiry period $’M $’M No expiry 375 676 Not later than 1 year 108 64 Between 1 and 5 years 282 371 After 5 years 27 42 792 1,153 10 OTHER NON-CURRENT/CURRENT ASSETS (a) Other non-current assets The Group Note 2024 2023 $’M $’M Equity investments at FVTPL 139 103 Equity investments at FVOCI 45 48 Derivative financial instruments 8 89 Loans due from: – associates 7(b) 191 176 – joint ventures 8(b) – 19 – investees (i) 17 18 Loans to credit customers (ii) – 16 Other receivables 172 32 Deposits 14 7 Prepayments 12 2 598 510 (i) Loans due from investees are unsecured, interest free and are not expected to be repaid within the next twelve months. (ii) The effective interest rate for interest bearing loans to credit customers as at 31 December 2023 ranged from 6.13% to 13.36% per annum. 137 Annual Report 2024
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