Consolidated Profit And Loss Account Page 24
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48NOTES TO THE ACCOUNTS
7.
INCOME TAX
a)
The provision for Hong Kong profits tax is based on the profit for the year as adjusted for tax purposes at
the rate of 17.5% (2004: 17.5%). Overseas taxation is calculated at rates of tax applicable in countries
in which the Group is assessed for tax. The taxation charge is made up as follows:
2005
2004
HK$ Million
HK$ Million
Company and subsidiaries
Current tax
Hong Kong profits tax for the year
67.2
76.9
Overseas taxation for the year
38.9
17.9
Underprovision/(overprovision) in prior years
7.0
(7.7)
113.1
87.1
Deferred tax (Note 24)
Origination and reversal of temporary differences
(32.3)
9.5
Effect of change in tax rates
–
(4.1)
80.8
92.5
Associates
Current tax
Hong Kong profits tax for the year
307.0
353.7
Overseas taxation for the year
3.7
15.7
Underprovision in prior years
60.0
32.0
370.7
401.4
Deferred tax
Origination and reversal of temporary differences
54.5
1.4
Effect of change in tax rates
–
41.5
425.2
444.3
506.0
536.8
56
Wheelock and Company Limited Annual Report 2004/05
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