(a) Income tax expense GROUP COMPANY NOTES Sep-24 MUR m Sep-23 MUR m Sep-24 MUR m Sep-23 MUR m Current income tax at 15%-30% (2023:15%-30%) 203.4 183.4 200.6 178.0 Corporate social responsibility tax at 2% (2023 : 2%) 27.1 23.7 26.7 23.7 Corporate climate responsibility tax at 2% (2023: n/a) 26.7 – 26.7 – Under/(over) provision in previous year 1.6 0.4 1.4 (0.8) Deferred tax credit 26 (55.8) (41.3) (53.8) (35.1) Income tax expense 203.0 166.2 201.6 165.8 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 19% (2023:17%) is as follows: GROUP COMPANY Sep-24 MUR m Sep-23 MUR m Sep-24 MUR m Sep-23 MUR m Accounting profit before tax 1,310.0 1,127.2 1,271.7 930.0 Statutory income tax rate of 15% (2023: 15%) 196.5 169.1 190.8 139.5 Corporate social responsibility tax at 2% (2023: 2%) 27.1 23.7 26.7 23.7 Corporate climate responsibility tax at 2% (2023 : n/a) 26.7 – 26.7 – Effect of temporary difference on CSR (15.0) (4.8) (15.0) (4.8) Under/(over) provision in previous year 1.6 0.4 1.4 (0.8) Income not subject to tax (67.7) (39.4) (52.8) (4.0) Non–deductible expenses 16.6 6.7 6.6 6.7 Other adjustments 17.2 10.5 17.2 5.5 Income tax expense 203.0 166.2 201.6 165.8 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-24 MUR m Sep-23 MUR m Sep-24 MUR m Sep-23 MUR m At 1 October 184.6 210.0 182.6 209.4 Amalgamation adjustment – – – 0.6 Acquisition of subsidiary – 0.9 – – Paid during the year (65.5) (229.2) (61.3) (228.7) Refund for the year 7.5 0.4 7.5 0.4 Charge for the year 257.2 202.1 254.0 201.7 Under/(over) provision in previous year 1.6 0.4 1.4 (0.8) 385.4 184.6 384.2 182.6 Explanatory Notes 30 September 2024 11. TAXATION 154
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