190 CSE GLOBAL LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 25. INCOME TAX EXPENSE (CONT’D) A reconciliation between the tax expense and the product of accounting profit before tax multiplied by the applicable tax rate for the financial years ended 31 December can be analysed as follows: Group 2023 2022 $’000 $’000 Profit before tax 29,557 8,298 Taxation at statutory tax rate of 17% (2022:17%) 5,025 1,411 Adjustments: Different effective tax rates of other countries 2,119 1,215 Expenses not deductible for tax purposes 1,723 948 Benefits from previously unrecognised tax losses (1,308) (214) Income not subject to taxation (437) (298) Effect of tax deductions and reliefs (62) (72) Deferred tax assets not recognised 126 305 Over provision in respect of previous year (11) (221) Withholding tax 195 359 Others (277) 57 7,093 3,490 The above reconciliation is prepared by aggregating separate reconciliations for each national jurisdiction. The statutory tax rate applicable to the companies incorporated in Singapore, United States of America, New Zealand and Australia were 17%, 21%, 28% and 30% respectively for year of assessment 2023 (2022: 17%, 21%, 28% and 30%). 26. EARNINGS PER SHARE Basic earnings per share amounts are calculated by dividing profit, net of tax, attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial year. Diluted earnings per share are calculated by dividing profit, net of tax, attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
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