Annual Report 2019

214 Transport International Holdings Limited 2019 Annual Report Notes to the Financial Statements (Expressed in Hong Kong dollars unless otherwise indicated) 27 Income tax in the consolidated statement of financial position (a) Current taxation in the consolidated statement of financial position represents: 2019 2018 $’ 000 $’ 000 Provision for Hong Kong profits tax for the year 58,393 38,374 Provisional profits tax paid (6,305) (47,626) 52,088 (9,252) Balance of profits tax provision relating to prior years 34,706 – Net current tax payable/(recoverable) 86,794 (9,252) Representing: Current tax recoverable (483) (10,270) Current tax payable 87,277 1,018 Net current tax payable/(recoverable) 86,794 (9,252) (b) Deferred tax assets and liabilities recognised: (i) The components of deferred tax (assets)/liabilities of the Group recognised in the consolidated statement of financial position and the movements during the year are as follows: Deferred tax (assets)/liabilities arising from: Depreciation allowances in excess of the related depreciation Intangible assets Provisions Tax losses Defined benefit assets Cash flow hedge Others Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 At 1 January 2018 938,273 14,511 (5,667) (18,961) 212,300 – (5,306) 1,135,150 Charged/(credited) to profit or loss 72,027 – 5,027 11,446 (9,853) – (464) 78,183 Credited to reserves – – – – (52,190) (222) – (52,412) At 31 December 2018 and 1 January 2019 1,010,300 14,511 (640) (7,515) 150,257 (222) (5,770) 1,160,921 Charged/(credited) to profit or loss 34,779 – (40,002) 4,932 (9,335) – 540 (9,086) Charged to reserves – – – – 74,709 222 – 74,931 At 31 December 2019 1,045,079 14,511 (40,642) (2,583) 215,631 – (5,230) 1,226,766