AUDITED FINANCIAL STATEMENTS 2022 167 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 49 DEFERRED TAXATION (CONTINUED) Group Company 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Deferred tax liabilities - intangible assets (12,247) (13,027) - - - property, plant and equipment (1,385,824) (1,398,554) (1,148) (966) - biological assets (18,861) (27,310) - - - inventories (3,666) (3,666) - - - others (7,406) (10,895) - - Amount before offsetting (1,428,004) (1,453,452) (1,148) (966) Offsetting 850,286 877,712 1,148 966 (577,718) (575,740) - - Under the Malaysia Finance Act 2018 which was gazetted on 27 December 2018, unutilised tax losses will be imposed with a limit of utilisation for 7 consecutive years. In Budget 2022, the existing time limit to carry forward unutilised business losses to be extended to 10 consecutive YAs. The existing transitional provision for unutilised business losses from YA 2018 be allowed to be carried forward for 10 consecutive YAs, until YA 2028. The Group’s and Company’s unused tax losses as at 31 December 2022 for which no deferred tax assets were recognised based on the year of assessment (“YA”) expiry for the Group and Company are as follows: Group Company 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Expiring in YA 2028 831,731 831,731 - - Expiring in YA 2029 367,329 367,329 - - Expiring in YA 2030 162,571 162,571 - - Expiring in YA 2031 13,443 13,443 - - Expiring in YA 2032 55,359 - - - 1,430,433 1,375,074 - - The amount of unused tax losses for which no deferred tax assets are recognised in the statement of financial position by certain subsidiaries of the Group and by Company as the Directors are of the view it is not probable that sufficient taxable profits will be available to allow the deferred tax assets to be utilised by year of assessment 2025 is as follows: Group Company 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Unused tax losses 1,430,433 1,375,074 - - Deductible temporarily differences 380,706 130,932 - - 1,811,139 1,506,006 - - The Company was granted exemption on the treatment as Investment Holding Company pursuant to Section 60F and Section 50FA of the Income Tax Act 1967 for the period from YA2010 to YA2021. The exemption period had expired in the current financial year, resulting in the unused tax losses of the Company being disregarded and no longer being carried forward.
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