Income Tax Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Major Components of Income Tax Income (Expense)


	2021			2020			2019
	S$’000			S$’000			S$’000
Income tax:
Current year		24,862			19,488			7,986
(Over) Underprovision of prior years		(34	)		(69	)		181

		24,828			19,419			8,167
Deferred tax:
Current year (Note 2 0 )		1,514			(557	)		(1,004	)
(Over) Underprovision of prior years (Note 20)		(598	)		67			30

		916			(490	)		(974	)
Foreign withholding tax		2,493			2,374			331

		28,237			21,303			7,524

Summary of Reconciliation of Income Tax Expense (Income)

The income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of

% (2020:

%, 2019:

%) to profit before income tax as a result of the following

differences:


	2021			2020			2019
	S$’000			S$’000			S$’000
Profit before income tax		132,079			107,397			81,060

Tax at the Singapore income tax rate		22,453			18,258			13,780
Tax effect of expenses that are not deductible in determining taxable profit		6,504			2,099			834
(Over) Under provision in prior years		(632	)		(2	)		211
Tax exempt income (Note A)		(6,454	)		(2,274	)		(7,004	)
Effect of different tax rates of subsidiaries operating in other jurisdictions		15			(45	)		(987	)
Deferred tax asset not recognized		2,440			1,263			1,100
Previously unrecognized and unused tax losses now recognized as deferred tax assets		—			—			(403	)
Utilization of tax losses previously not recognized as deferred tax asset		—			(364	)		(279	)
Deferred tax on foreseeable dividends		1,399			—			—
Foreign withholding tax		2,493			2,374			331
Others		19			(6	)		(59	)

Tax expense for the year		28,237			21,303			7,524

Note A:

Tax exempt income represent income of subsidiaries located in Singapore, Malaysia and Philippines that benefit from tax holiday. Refer to below for additional information on those subsidiaries tax holidays.

Summary of Unutilized Tax Losses Carryforward Available For Offsetting Against Future Taxable Income

The Group entities have unutilized tax losses carry forward available for offsetting against future taxable income as follows:


	2021		2020			2019
	S$’000		S$’000			S$’000
Tax losses carry forward
Amount at beginning of year		10,957		7,004			4,431
Utilized during the year		—		(2,142	)		(1,131	)
Recognized as deferred tax		—		—			(1,612	)
Arising during the year		9,570		6,095			5,316

Amount at end of year		20,527		10,957			7,004

Deferred tax asset on above unrecorded		4,803		2,363			1,100

Summary of Increase In Income Tax Expenses And Resulting Basic And Diluted Per Share

Had the Group not enjoyed income tax holidays for the years ended December 31, 2019, 2020 and 2021, the increase in income tax expenses and resulting basic and diluted earnings per share amounts would have been as follows:


	2021		2020		2019
	S$’000		S$’000		S$’000
Increase in income tax expenses		2,102		2,083		8,017


	2021		2020		2019
	S$’000		S$’000		S$’000
Basic and diluted earnings per share		0.79		0.68		0.53