11 TAXATION (a) Income tax expense GROUP COMPANY NOTES Sep-23 MUR m Sep-22 MUR m Sep-23 MUR m Sep-22 MUR m Current income tax at 15%-30% (2022:15% - 30%) 183.4 175.9 178.0 173.9 Corporate Social Responsibility tax at 2% (2022: 2%) 23.7 23.4 23.7 23.2 Over provision in previous year 0.4 (7.9) (0.8) (7.9) Deferred tax credit 26 (41.3) (57.9) (35.1) (75.6) Income tax expense 166.2 133.5 165.8 113.6 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-23 MUR m Sep-22 MUR m Sep-23 MUR m Sep-22 MUR m Accounting profit before tax 1,127.2 734.8 930.0 733.6 Statutory income tax rate of 15% (2022: 15%) 169.1 110.2 139.5 110.0 Corporate social responsibility tax at 2% (2022: 2%) 23.7 23.4 23.7 23.2 Effect of temporary difference on CSR (4.8) (9.5) (4.8) (9.5) Over provision in previous year 0.4 (7.9) (0.8) (7.9) Income not subject to tax (39.4) (38.0) (4.0) (17.2) Non–deductible expenses 6.7 9.4 6.7 9.5 Other adjustments 10.5 45.9 5.5 5.5 Income tax expense 166.2 133.5 165.8 113.6 Main items of non deductible expense include unrealised exchange losses, fair value loss on financial asset and expense attributable to exempt income. Income not subject to tax includes mainly lease payments for right-of-use assets and foreign exchange gain on translation of other borrowed funds. (b) Income tax liabilities GROUP COMPANY Sep-23 MUR m Sep-22 MUR m Sep-23 MUR m Sep-22 MUR m At 1 October 210.0 264.6 209.4 264.6 Amalgamation adjustment – – 0.6 – Acquisition of subsidiary 0.9 – – – Paid during the year (229.2) (246.2) (228.7) (245.8) Refund for the year 0.4 0.2 0.4 1.4 Charge for the year 202.1 199.3 201.7 197.1 Under provision in previous year 0.4 (7.9) (0.8) (7.9) 184.6 210.0 182.6 209.4 141 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS
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