- 17 - 3.18 Income tax Income tax expense for the year comprises current and deferred tax. Current and deferred tax are recognised in profit or loss except to the extent that they are relate to the items recognised in equity are recognised in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustment to tax payable or receivable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts and taxable value of assets and liabilities, using tax rates enacted or substantively enacted to the temporary differences when they reverse. Deferred tax is not recognised for the following temporary differences: - the initial recognition of goodwill and related transactions - the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss - differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. Deferred tax assets and liabilities on different tax entities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority. A deferred tax asset is recognised to the extent that it is probable that deferred tax assets can be utilised as future tax benefit. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. 3.19 Basic earnings (loss) per share Basic earnings (loss) per share (“EPS”) is calculated by dividing profit (loss) for the year attributable to owners of the parent by the weighted average number of ordinary shares outstanding during the year, adjusted for treasury shares. 3.20 Financial information by segment Segment results that are reported to the Group’s Management Committee (the chief operating decision maker) include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. 249 BUSINESS OPERATION AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL REPORTS AND FINANCIAL STATEMENTS APPENDIX
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