NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 22. FINANCE INCOME AND FINANCE COSTS Group 2023 2022 $’000 $’000 Interest income: – financial institutions 3,723 4,169 Finance income 3,723 4,169 Interest expenses – financial institutions (92,808) (63,215) – related parties – (605) (92,808) (63,820) Cash flow hedges – gain reclassified from hedging reserve 22,562 3,865 Finance lease expenses (148) (444) Finance costs (70,394) (60,399) Net finance costs recognised in statement of total return (66,671) (56,230) 23. TAXATION Group Note 2023 2022 $’000 $’000 Current taxation Current year 37,387 36,801 Under provision in prior years 1,338 527 38,725 37,328 Deferred taxation Origination and reversal of temporary differences 14 31,280 50,457 Income tax expense 70,005 87,785 Total return for the year before taxation 124,976 242,911 Tax calculated using Singapore tax rate of 17% (2022: 17%) 21,246 41,295 Adjustments: Effect of different tax rates in foreign jurisdictions 24,508 27,283 Income not subject to tax (3,037) (2,476) Expenses not deductible for tax purposes 312 – Deferred tax assets not recognised 2,868 3,078 Tax losses not allowed to be carried forward 15,522 11,182 Foreign tax suffered 7,248 6,896 Under provision in prior years 1,338 527 70,005 87,785 206 CAPITALAND CHINA TRUST
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