NOTES TO THE FINANCIAL STATEMENTS 30. TAX (CREDIT)/EXPENSE (CONTINUED) Group Company 2025 RM’000 2024 RM’000 2025 RM’000 2024 RM’000 Reconciliation of tax expense (Loss)/profit before tax (558,905) (78,394) 20,843 (60,988) Income tax using Malaysian tax rate of 24% (2024: 24%) (134,137) (18,815) 5,002 (14,637) Share of results in associates (226) - - - Income not subject to tax (9,144) (3,379) (6,458) (6,458) Expenses not deductible for tax purposes 50,346 41,602 4,618 25,422 Effect of exchange rate fluctuations (3,293) (2,652) - - Effect of unrecognised deferred tax assets 13,881 14,073 - 47 Deferred tax assets recognised in respect of tax losses and provisions (24,069) (1,328) - - Effect of Energy Profit Levy scheme 97,184 23,601 - - Effects of differential in tax rates of subsidiaries (84,483) (43,508) - - Real property gains tax arising from disposal of a building (2) 36 - - (93,943) 9,630 3,162 4,374 (Over)/Under provision of current tax expense in prior year (821) 139 (835) (209) Over provision of deferred tax expense in prior year (99) - - - Total tax (credit)/expense (94,863) 9,769 2,327 4,165 On 26 May 2022, the UK government introduced an Energy Profit Levy scheme (“EPL”), applying to ring fence profits. The EPL was set at 25% for profits arising from 26 May 2022 to 31 December 2022 and 35% for profits arising from 1 January 2023 to 31 March 2028. On 3 March 2025, the UK Finance Bill 2024/25, which provides for the extension of the EPL from 31 March 2028 to 31 March 2030, was enacted. Consequently, the Group recognised a one-off deferred tax expense of approximately RM46,213,000 arising from the extension of EPL. The EPL is measured based on temporary differences from the expected future amortisation of intangible assets and depreciation of oil and gas assets up to 31 March 2030. DNeX INTEGRATED REPORT 2025 192 ABOUT THIS REPORT LEADERSHIP VALUE CREATION @DNeX LEADERSHIP INSIGHTS OVERVIEW OF DAGANG NeXCHANGE BERHAD
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