Deferred Tax Assets/Liabilities

12 Months Ended

Dec. 31, 2023

Text Block [Abstract]

Deferred Tax Assets/Liabilities

20 DEFERRED TAX ASSETS/LIABILITIES

	December 31, 2023			December 31, 2022
	S$’000			S$’000
Deferred tax assets		3,342			3,463
Deferred tax liabilities		(1,182	)		(852	)
		2,160			2,611

Following are the major deferred tax liabilities and assets recognized by the Group:

Deferred tax asset (net)	Provisions			Tax depreciation			Undistributed earnings			Others			Total
	S$’000			S$’000			S$’000			S$’000			S$’000
At January 1, 2022		1,750			(273	)		(1,402	)		361			436
(Charge) credit to profit or loss (Note 26)		(116	)		475			874			411			1,644
Over (Under) provision in prior years (Note 26)		1,070			(36	)		—			—			1,034
Acquired on acquisition of a subsidiary (Note 32)		—			—			—			(317	)		(317	)
Currency alignment		(235	)		4			—			45			(186	)
At December 31, 2022		2,469			170			(528	)		500			2,611
Credit (Charge) to profit or loss (Note 26)		512			(21	)		(403	)		(56	)		32
Under provision in prior years (Note 26)		—			—			—			(307	)		(307	)
Currency alignment		(177	)		29			—			(28	)		(176	)
At December 31, 2023		2,804			178			(931	)		109			2,160

As of December 31, 2023, the Group’s undistributed earnings from certain non-U.S. subsidiaries were not indefinitely reinvested. Accordingly, the Group recorded a deferred tax liability of S$0.9 million (2022: S$0.5 million) for the estimated taxes associated with the forecasted repatriation of these earnings. No deferred tax liability is recognized on temporary differences of S$18.1 million (2022: S$13.2 million) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.