136 C I M F I N A N C I A L S E R V I C E S L T D GROUP COMPANY (a) Income tax expense (cont’d) Sep-21 MUR m Sep-20 MUR m Sep-21 MUR m Sep-20 MUR m Accounting profit before tax 511.5 268.2 551.1 129.4 Statutory income tax rate of 15% (2020: 15%) 76.7 40.2 82.7 19.4 Effect of different tax rates in other countries - 0.1 - - Corporate social responsibility tax at 2% (2019: 2%) 19.6 23.2 19.6 1.5 Tax losses 6.3 (2.6) - - Deferred tax - 30.6 - - CSR impact on permanent differences (11.0) (8.4) (11.0) - Over provision in previous year - 0.6 - 0.5 Income not subject to tax (10.2) (23.8) (10.2) (21.8) Effect of deferred taxation on partial exemption of interest income - (28.0) - - Tax losses for which no deferred income tax asset was recognised - (0.1) - - Non–deductible expenses 13.0 45.6 13.0 9.2 Income tax expense 94.4 77.4 94.1 8.8 Main items of non deductible expense include unrealised exchange losses, fair value loss on financial asset and expense attributable to exempt income. GROUP COMPANY (b) Income tax liabilities Sep-21 MUR m Sep-20 MUR m Sep-21 MUR m Sep-20 MUR m At 1 October 115.6 (12.2) 4.6 2.7 Amalgamation adjustment - - 134.5 - Paid during the year (61.6) (44.1) (61.2) (6.4) Charge for the year 188.2 125.8 187.9 8.3 Reclassified from other liabilities* 23.6 - - - Under provision in previous year - 46.1 - - 265.8 115.6 265.8 4.6 Analysed as follows Income tax liabilities 265.8 115.6 265.8 4.6 265.8 115.6 265.8 4.6 11. TAXATION (CONT’D) 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: * CSR liabilities has been reclassified from other liabilties to income tax liabilities Explanatory Notes 30 SEPTEMBER 2021 E x p l a n a t o r y N o t e s
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