18 DEFERRED TAX
Group
2015
2014
HK$’000
HK$’000
Deferred tax assets
(12,695)
(12,868)
Deferred tax liabilities
11,204,694
11,442,991
Net deferred tax liabilities
11,191,999
11,430,123
The movements in deferred income tax (assets)/liabilities during the year are as follows:
Fair value Withholding
Accerlerated adjustments
tax on
Unused tax depreciation arising from unremitted
losses allowances acquisitions
earnings
Others
Total
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
2015
At 1 January 2015
(17,612)
583,169
10,674,440
190,438
(312)
11,430,123
Tax (credited)/charged to
income statement
(544)
17,187
(287,424)
32,693
(1)
(238,089)
Other temporary di
erences
-
17
(67)
(173)
188
(35)
At 31 December 2015
(18,156)
600,373
10,386,949
222,958
(125)
11,191,999
2014
At 1 January 2014
(22,021)
715,130
11,288,489
185,254
(394)
12,166,458
Disposal of subsidiary companies
-
(147,010)
(318,916)
-
52
(465,874)
Tax charged/(credited) to
income statement
4,409
15,049
(295,066)
5,184
107
(270,317)
Other temporary di
erences
-
-
(67)
-
(77)
(144)
At 31 December 2014
(17,612)
583,169
10,674,440
190,438
(312)
11,430,123
Notes:
(a) The deferred tax assets and liabilities are o
set when there is a legally enforceable right to set o
and when the deferred
income taxes relate to the same fiscal authority.
(b) Deferred tax assets are recognised for tax losses carried forward to the extent that realisation of the related tax benefit
through the future taxable profit is probable. The Group has unrecognised tax losses of HK$410,613,000 at 31 December 2015
(2014: HK$406,915,000) to carry forward against future taxable income. Of these, HK$405,489,000 (2014: HK$405,765,000)
can be carried forward indefinitely. The remaining HK$5,124,000 (2014: HK$1,150,000) expires in the following years:
2015
2014
HK$’000
HK$’000
In the first year
-
-
In the second year
-
-
In the third year
-
-
In the fourth year
1,150
-
In the fifth year
3,974
1,150
5,124
1,150
Notes to the
Financial Statements
OPTIMISING FOR THE FUTURE
096
