74
NATURAL COOL HOLDINGS LIMITED
NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
23 Finance costs
Group
2014
2013
$
$
Interest expenses:
- bank loans
910,230
857,975
- bank overdrafts
1,585
20,773
- finance leases
116,806
139,616
- convertible loan notes
187,500
187,500
1,216,121 1,205,864
24 Income tax (expense)/credit
Group
2014
2013
$
$
Current tax expense
Current year
207,183
38,887
Under provision in respect of prior years
52,887
1,061
260,070
39,948
Deferred tax credit
Origination and reversal of temporary differences
(118,035)
(7,859)
Under/(over) provision in respect of prior years
95,359
(33,419)
(22,676)
(41,278)
Total income tax expense/(credit)
237,394
(1,330)
Reconciliation of effective tax rate
Profit before tax
3,284,807
468,721
Tax using Singapore tax rate at 17% (2013: 17%)
558,417
79,683
Effect of different tax rates in other countries
(31,259)
6,480
Tax exempt income, capital gains and tax incentives under
Productivity and Innovation Credit scheme
(1,019,287)
(425,671)
Singapore statutory stepped income exemption
(31,934)
(20,334)
Non-deductible expenses
645,988
435,320
Effect of previously unrecognised tax losses
(143,012)
(151,793)
Under/(over) provision in respect of prior years
148,246
(32,358)
Deferred tax assets not recognised
137,053
97,568
Others
(26,818)
9,775
237,394
(1,330)
