Annual Report 2019

Explanatory Notes 30 SEPTEMBER 2019 10. ALLOWANCE FOR CREDIT IMPAIRMENT GROUP COMPANY Sep-19 Sep-18 Sep-19 Sep-18 MUR m MUR m MUR m MUR m Net provision for credit impairment - Leases (6.2) (1.5) - - - Other credit agreements 124.6 153.5 - - Loans and advances - Credit facilities 54.5 52.2 - - - Corporate credit facilities 11.1 - 6.4 - - Factoring receivables 1.7 - - - - Card receivables 13.9 14.8 - - Others - Deposit (0.7) - (0.7) - - Others 0.7 - 0.1 - Bad debts recovered - Leases (0.6) (0.2) - - - Other credit agreements (12.9) (3.0) - - - Loans and advances (5.2) (1.5) - - 180.9 214.3 5.8 - 11. TAXATION GROUP COMPANY Sep-19 Sep-18 Sep-19 Sep-18 (a) Income tax expense/(credit) MUR m MUR m MUR m MUR m Current income tax at 15% (2018:15%) 44.6 82.5 2.7 - Corporate Social Responsibility tax at 2% (2018 : 2%) 5.6 11.1 - - (Under)/over provision in previous year (1.1) 1.7 - - Deferred tax (credit) / expense 37.1 (22.6) - - Income tax expense 86.2 72.7 2.7 - The tax charge shown in profit or loss differs from the tax charge that would apply if all profits had been charged at the Company’s statutory rate. A reconciliation between the tax expense and the accounting profit at 17% is as follows: CIM FINANCIAL SERVICES LTD / ANNUAL REPORT 2019 109