CIM FINANCE. INTEGRATED REPORT 2022 | 145 EXPLANATORY NOTES 30 SEPTEMBER 2022 11. TAXATION GROUP COMPANY (a) Income tax expense Sep-22 MUR m Sep-21 MUR m Sep-22 MUR m Sep-21 MUR m Restated* Restated* Current income tax at 15% - 30% (2021:15% - 30%) 175.9 168.1 173.9 167.8 Corporate Social Responsibility tax at 2% (2021 : 2%) 23.4 19.6 23.2 19.6 Over provision in previous year (7.9) - (7.9) - Deferred tax credit (note 26) (57.9) (93.8) (75.6) (93.8) Income tax expense 133.5 93.9 113.6 93.6 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: GROUP COMPANY Sep-22 MUR m Sep-21 MUR m Sep-22 MUR m Sep-21 MUR m Restated* Restated* Accounting profit before tax 734.8 508.5 733.6 548.1 Statutory income tax rate of 15% (2021: 15%) 110.2 76.3 110.0 82.2 Corporate social responsibility tax at 2% (2021: 2%) 23.4 19.6 23.2 19.6 Tax losses - 6.3 - - CSR impact on permanent differences (9.5) (11.0) (9.5) (11.0) Over provision in previous year (7.9) - (7.9) - Income not subject to tax (38.0) (10.2) (17.2) (10.2) Non–deductible expenses 9.4 12.9 9.5 13.0 Other adjustments 45.9 - 5.5 - Income tax expense 133.5 93.9 113.6 93.6 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-22 MUR m Sep-21 MUR m Sep-22 MUR m Sep-21 MUR m At 1 October Restated* Restated* As previously stated 265.8 115.6 265.8 4.6 Effect of prior year adjustment (note 39) (1.2) (0.7) (1.2) (0.7) As restated* 264.6 114.9 264.6 3.9 Amalgamation adjustment - - - 134.5 Paid during the year (246.2) (61.6) (245.8) (61.2) Refund for the year 1.4 - 1.4 - Charge for the year 199.3 188.2 197.1 187.9 Reclassified from other liabilities - 23.6 - - Over provision in previous year (9.1) (0.5) (7.9) (0.5) 210.0 264.6 209.4 264.6 *Refer to Note 39 Restatement and reclassifications.
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