REPORTING CONTEXT ABOUT US OUR OPERATING CONTEXT OUR PERFORMANCE OUR LEADERSHIP GOVERNANCE OUR FINANCIAL STATEMENTS SHAREHOLDERS' CORNER (b) Current tax liabilities and assets are offset when they relate to the same fiscal authority. The following amounts are shown in the statements of financial position: THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Current tax assets – (17 994) – (13 985) Current tax liabilities 76 098 13 922 80 876 – 76 098 (4 072) 80 876 (13 985) THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Tax liability/(asset) At 1 July (4 072) (50) (13 985) 15 614 Income tax expense 98 399 93 208 84 109 68 810 Investment tax credit – (29 183) – (29 183) Corporate social responsibility 8 922 9 860 8 922 9 860 Under/(over) provision in previous year 29 165 (6 475) 29 185 (6 475) Tax deducted at source (20) (44) (20) (44) Tax and CSR paid (56 525) (71 014) (26 150) (72 567) Withholding tax on dividends (1 185) – (1 185) – Exchange differences 1 414 (374) – – At 30 JUNE 76 098 (4 072) 80 876 (13 985) (c) Tax expense THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Income tax provision at applicable rate 98 399 93 208 84 109 68 810 CSR contribution 8 922 9 860 8 922 9 860 Investment tax credit – (29 183) – (29 183) Under/(over) provision in previous year 29 165 (6 475) 29 185 (6 475) 136 486 67 410 122 216 43 012 Deferred tax charge to profit or loss (note 16) (5 265) (3 242) (4 967) (3 005) Tax expense 131 221 64 168 117 249 40 007 20. TAXATION (continued) (d) The tax on the Group’s and Company’s profit before tax differs from the theoretical amount that would arise using the basic tax rate of the Group and the Company as follows: THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Profit before taxation 548 000 595 383 526 742 416 471 Tax calculated at the rate of 17% (2021: 17%) 93 160 101 215 89 546 70 800 Tax effect of: Income not subject to tax (28 307) (25 705) (6 376) (3 225) Expenses not deductible for tax purposes 25 967 8 136 7 544 5 791 CSR adjustment (2 334) 1 530 (2 334) 1 530 Differential in tax rate 14 860 10 970 (316) – Investment tax credit – (29 183) – (29 183) Under/(over) provision in previous year 29 165 (6 475) 29 185 (6 475) Depreciation of non-qualifying assets – 682 – 682 Effect of tax on associate 13 (462) – – Deferred tax on provision for receivables – 87 – 87 Deferred tax asset on tax losses not recognised (1 303) 3 373 – – Tax charge 131 221 64 168 117 249 40 007 21. DEFERRED REVENUE THE GROUP 2022 MUR '000 2021 MUR '000 At 1 July 39 144 40 637 Addition 49 434 – Income recognised (20 257) (6 272) Exchange differences (4 678) 4 779 At 30 JUNE 63 643 39 144 Maturity analysis: Current 12 163 10 919 Non-current 51 480 28 225 63 643 39 144 The deferred revenue arises as a result of the capital grants received from the government by one of the subsidiaries of the Group following their capital expenditure incurred on building improvements and plant and machinery. This deferred revenue will be released and offset against the depreciation charge over the useful life of the underlying asset. NOTES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 195 194 Phoenix Beverages Limited Integrated Report 2022 Phoenix Beverages Limited Integrated Report 2022
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