Annual Report 2019

215 Transport International Holdings Limited 2019 Annual Report Notes to the Financial Statements 27 Income tax in the consolidated statement of financial position (continued) (b) Deferred tax assets and liabilities recognised: (continued) (ii) Amounts recognised in the consolidated statement of financial position: 2019 2018 $’ 000 $’ 000 Net deferred tax assets (477) (656) Net deferred tax liabilities 1,227,243 1,161,577 1,226,766 1,160,921 (c) Deferred tax assets not recognised: In accordance with the accounting policy set out in note 1(y), the Group has not recognised deferred tax assets of $18,172,000 (2018: $18,150,000) in respect of cumulative tax losses of $110,133,000 (2018: $110,003,000) as it is not probable that future taxable profits against which the losses can be utilised will be available in the relevant tax jurisdiction and entity. At 31 December 2019 and 2018, these tax losses do not expire under the current tax legislation. 28 Provision for long service payments Details of the provision for long service payments of the Group are as follows: 2019 2018 $’ 000 $’ 000 At 1 January 4,019 4,065 Movements charged to profit or loss (note 5(a)) 9,383 7,953 Payments made during the year (10,848) (7,999) At 31 December 2,554 4,019 Under the Hong Kong Employment Ordinance, the Group is obliged to make lump sum payments on cessation of employment in certain circumstances to employees who have completed at least five years of service with the Group. The amount payable is dependent on the employees’ final salary and years of service, and is reduced by entitlements accrued under the Group’s retirement schemes that are attributable to contributions made by the Group. The Group does not set aside any assets to fund the above remaining obligations.