8. INCOME TAX EXPENSE (CONTINUED) The income tax expense varied from the amount of income tax expense determined by applying the applicable income tax rate of 17% (2023: 17%) to loss before income tax as a result of the following differences: Group 2024 2023 $’000 $’000 (Restated) Loss before income tax (3,916) (50,648) Add/(Less): Share of result of joint ventures (44) (300) Share of result of associates 10,642 8,362 6,682 (42,586) Income tax calculated at applicable income tax rate of 17% (2023: 17%) 1,136 (7,240) Effect of different tax rate in other countries 62 18 Tax effect of income not subject to income tax (5,081) (7,982) Tax effect of expenses not deductible for income tax purposes 2,408 13,327 Over provision in prior financial years’ current income tax – (536) Unrecognised deferred tax assets 1,475 2,981 – 568 Unrecognised deferred tax assets Group 2024 2023 $’000 $’000 (Restated) Balance at beginning of financial year 10,403 9,140 Liquidation of a subsidiary – (1,718) Amount not recognised during the financial year 1,475 2,981 Balance at end of financial year 11,878 10,403 Unrecognised deferred tax assets are attributable to: Group 2024 2023 $’000 $’000 (Restated) Unutilised tax losses 10,781 8,645 Unutilised capital allowance 176 199 Others 921 1,559 11,878 10,403 90 KEONG HONG HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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