Annual Report 2025

246 Transport International Holdings Limited 2025 Annual Report NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 29 Income tax in the consolidated statement of financial position (a) Current taxation in the consolidated statement of financial position represents: 2025 2024 $’000 $’000 Provision for Hong Kong Profits Tax for the year 12,155 19,721 Provisional Profits Tax paid (14,133) (16,394) (1,978) 3,327 Balance of Profits Tax recoverable relating to prior years (717) – Net current tax (recoverable)/payable (2,695) 3,327 Representing: Current tax recoverable (4,875) (836) Current tax payable 2,180 4,163 Net current tax (recoverable)/payable (2,695) 3,327 (b) Deferred tax assets and liabilities recognised: (i) The components of deferred tax liabilities/(assets) of the Group recognised in the consolidated statement of financial position and the movements during the year are as follows: Deferred tax liabilities/ (assets) arising from: Depreciation allowances in excess of the related depreciation Intangible assets Provisions Tax losses Employee benefit assets Others Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 At 1 January 2024 1,108,022 14,511 (45,946) (328,408) 265,530 (5,644) 1,008,065 (Credited)/charged to profit or loss (48,405) – 9,940 73,195 2,132 316 37,178 (Credited)/charged to reserves – – (2,093) – 22,037 – 19,944 At 31 December 2024 and 1 January 2025 1,059,617 14,511 (38,099) (255,213) 289,699 (5,328) 1,065,187 (Credited)/charged to profit or loss (76,543) – (10,401) 164,540 5,544 (36) 83,104 Charged to reserves – – 1,496 – 52,955 614 55,065 At 31 December 2025 983,074 14,511 (47,004) (90,673) 348,198 (4,750) 1,203,356 (ii) Amounts recognised in the consolidated statement of financial position: 2025 2024 $’000 $’000 Net deferred tax assets (3,574) (763) Net deferred tax liabilities 1,206,930 1,065,950 1,203,356 1,065,187