175 ANNUAL REPORT 2023 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 8. DEFERRED TAX ASSETS/(LIABILITIES) (CONT’D) Group Company 2023 2022 2023 2022 $’000 $’000 $’000 $’000 This can be analysed as follows: Deferred tax assets: Provisions 4,419 3,292 293 431 Unutilised tax losses 1,404 2,788 – – Revenue recognised on accrual basis 556 506 556 506 Gross deferred tax assets 6,379 6,586 849 937 Deferred tax liabilities: Differences in depreciation and amortisation (3,002) (4,236) (309) (431) Provisions (630) (819) – – Fair value adjustments arising from acquisition of businesses (1,865) (2,118) – – Gross deferred tax liabilities (5,497) (7,173) (309) (431) Net deferred tax assets/(liabilities) 882 (587) 540 506 Recognised tax losses, capital allowance and donations As at 31 December 2023, the Group has $7,666,000 (2022: $13,569,000) recognised tax losses available for offset against future taxable profits of the companies in which the losses arose. The use of the tax losses are subject to the agreement of the tax authorities and compliance with tax regulations of the respective countries in which the subsidiary companies operate. As at 31 December 2023, the tax losses have no expiry date. Unused tax losses for which no deferred tax asset is recognised At the end of the reporting period, the Group has tax losses of approximately $41,843,000 (2022: $42,267,000) that are available for offset against future taxable profits of the companies in which the losses arose for which no deferred tax asset is recognised due to uncertainty of its recoverability. The use of these tax losses is subject to the agreement of the tax authorities and compliance with certain provisions of the tax legislation of the respective countries in which the companies operate. Unrecognised temporary differences relating to investment in subsidiaries At the end of the reporting period, no deferred tax liability (2022: $Nil) has been recognised for taxes that would be payable on the undistributed earnings of certain of the Group’s subsidiaries as the Group has control over the distribution of the earnings and has determined that undistributed earnings of the subsidiaries will not be distributed in the foreseeable future.
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