19 TAX INCOME Group 2024 2023 US$’000 US$’000 Current tax expense Income tax 382 90 Withholding tax 461 1,182 Overprovision in respect of previous year (165) − 678 1,272 Deferred tax income Movement in temporary differences (777) (18,298) (99) (17,026) Reconciliation of effective tax rate Net loss for the year before tax (178,102) (396,989) Tax calculated using Singapore tax rate of 17% (2023: 17%) (30,277) (67,488) Effect of different tax rate and basis in foreign jurisdictions 18,692 (36,056) Expenses not deductible for tax purposes 2,818 2,661 Change in unrecognised temporary differences 8,372 82,675 Withholding tax 461 1,182 Overprovision in respect of previous year (165) − (99) (17,026) Provision for Taxation Uncertainties exist with respect to the interpretation of complex tax regulations in the jurisdictions in which the Group operates and the amount and timing of future taxable income. Given the span of tax regulations which may apply to the various taxable entities or persons within the Group, the cross-border and long-term nature and complexity of the contractual arrangements and the conditions to the tax rulings which have been obtained, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax provisions recorded or require new or additional tax provisions to be recorded. The Group establishes provisions, based on reasonable estimates, for anticipated tax liabilities or possible consequences of audits by the tax authorities of the respective jurisdictions in which it operates. The amount of such provisions is based on various factors, such as differing interpretations of tax regulations between the taxable entity or person involved and the relevant tax authority and anticipated future changes in the tax laws that may have a direct impact on any tax ruling or favourable tax treatment relied upon. Such instances may arise on a wide variety of issues depending on the conditions prevailing in the domicile of the respective entity or person involved. 180 | MANULIFE US REIT NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
RkJQdWJsaXNoZXIy NTkwNzg=