Notes to the financial statements Year ended 31 December 2024 22. FINANCE INCOME AND FINANCE COSTS Group 2024 2023 $’000 $’000 Interest income: – financial institutions 3,430 3,723 Finance income 3,430 3,723 Interest expenses – financial institutions (83,171) (92,808) Cash flow hedges – gain reclassified from hedging reserve 17,803 22,562 Finance lease expenses (1) (148) Finance costs (65,369) (70,394) Net finance costs recognised in statement of total return (61,939) (66,671) 23. TAXATION Group Note 2024 2023 $’000 $’000 Current taxation Current year 51,154 37,387 (Over)/under provision in prior years (1,176) 1,338 49,978 38,725 Deferred taxation Origination and reversal of temporary differences 14 16,143 31,280 Income tax expense 66,121 70,005 Total return for the year before taxation 62,184 124,976 Tax calculated using Singapore tax rate of 17% (2023: 17%) 10,571 21,246 Adjustments: Effect of different tax rates in foreign jurisdictions 19,942 24,508 Income not subject to tax (1,645) (3,037) Expenses not deductible for tax purposes 1,219 312 Deferred tax assets not recognised 1,758 2,868 Tax losses not allowed to be carried forward 13,080 15,522 Withholding tax 22,372 7,248 (Over)/under provision in prior years (1,176) 1,338 66,121 70,005 143 Annual Report 2024
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