v3.25.2
DEFERRED TAX LIABILITIES
 12 Months Ended
Dec. 31, 2024
Deferred Tax Liabilities  
DEFERRED TAX LIABILITIES

NOTE 13 – DEFERRED TAX LIABILITIES

 

   As of
Dec 31, 2023		   As of
Dec 31, 2024		 
   S$’000   S$’000 
         
Opening   861    1,586 
Addition during the year   725    431 
Closing   1,586    2,017 

 

The temporary differences which give rises to the deferred income tax liability are as follows:

 

   As of
Dec 31, 2023		   As of
Dec 31, 2024		 
   S$’000   S$’000 
         
Net book value of fixed assets   27,810    30,233 
Net book value of ROUA   8    1,199 
Less: Lease liabilities (ROUA)   (7)   (1,221)
Less: Net book value of non-qualifying assets   (95)   (27)
Deferred tax liability gross   27,716    30,184 
Less: Tax written down value   (18,385)   (18,309)
Timing difference   9,331    11,875 
           
Deferred tax liability @ 17%   1,586    2,017 

 

Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

 

Liabilities are established for uncertain tax positions expected to be taken in income tax returns when such positions are judged to meet the “more-likely-than-not” threshold based on the technical merits of the position.

 

Under the current tax law in Singapore, the Company is and will be subjected to the enterprise income tax rate of 17%.