Notes to the Financial Statements PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2023 88 Reconciliation of effective tax rate Consolidated financial statements 2023 2022 Rate (%) (in million Baht) Rate (%) (in million Baht) Profit (loss) before income tax expense 2,217 (9,909) Income tax using the Thai corporation tax rate 20.0 443 20.0 (1,982) Effect of different tax rates in foreign jurisdictions (239) (317) Income not subject to tax (202) (425) Expenses not deductible for tax purposes 1,746 2,486 Expenses deductible at a greater amount (487) (2,121) Tax losses carried forward 38 (12) Under (over) provided in prior years (67) 249 Share of profit of joint ventures and associates accounted for using equity method 77 (511) Others 43 360 Total 61.0 1,352 - (2,273) Reconciliation of effective tax rate Separate financial statements 2023 2022 Rate (%) (in million Baht) Rate (%) (in million Baht) Profit (loss) before income tax expense 22,239 (508) Income tax using the Thai corporation tax rate 20.0 4,448 20.0 (102) Income not subject to tax (2,077) (3,308) Expenses not deductible for tax purposes 23 678 Expenses deductible at a greater amount (420) (1,023) Under provided in prior years - 185 Others - 473 Total 8.9 1,974 - (3,097) Consolidated financial statements Deferred tax Assets Liabilities At 31 December 2023 2022 2023 2022 (in million Baht) Total 11,300 10,093 (26,961) (26,991) Set off of tax (8,233) (7,275) 8,233 7,275 Net deferred tax assets (liabilities) 3,067 2,818 (18,728) (19,716) Separate financial statements Deferred tax Assets Liabilities At 31 December 2023 2022 2023 2022 (in million Baht) Total 5,817 5,246 (6,986) (5,972) Set off of tax (5,817) (5,246) 5,817 5,246 Net deferred tax liabilities - - (1,169) (726) 332
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