176 CSE Global Limited 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 2024 2023 $’000 $’000 Profit before tax 35,683 29,557 Taxation at statutory tax rate of 17% (2023:17%) 6,066 5,025 Adjustments: Different effective tax rates of other countries 2,560 2,119 Expenses not deductible for tax purposes 2,011 1,723 Benefits from previously unrecognised tax losses (1,398) (1,308) Income not subject to tax (792) (437) Effect of tax deductions and reliefs (50) (62) Deferred tax assets not recognised 3,120 126 Over provision in respect of previous year (2,985) (11) Withholding tax 241 195 Others 464 (277) 9,237 7,093 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, United Kingdom, New Zealand and Australia were 17%, 21%, 25%, 28% and 30% respectively for year of assessment 2023 (2023: 17%, 21%, 25%, 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. NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024
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