Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
Income Taxes [Abstract] |
|
Schedule of Income Taxes Recognized in Consolidated Statements of Profit or Loss |
Income taxes recognized in consolidated statements
of profit or loss:
|
|
For the year ended December 31, 2023 | | |
For the year ended December 31, 2024 | |
|
|
MYR | | |
MYR | | |
USD | |
Current tax |
|
| | | |
| | | |
| | |
Provision for the year |
|
| 1,355,882 | | |
| 2,637,694 | | |
| 590,154 | |
Under provision in prior years |
|
| – | | |
| 225,946 | | |
| 50,553 | |
Deferred tax |
|
| – | | |
| (30,023 | ) | |
| (6,717 | ) |
|
|
| 1,355,882 | | |
| 2,833,617 | | |
| 633,990 | |
|
Schedule of Reconciliation Between Tax Expenses and Accounting (Loss)/Profit at Applicable Tax Rates |
Reconciliation between tax expenses and accounting profit at applicable tax rates:
|
|
For the year ended December 31, 2023 | | |
For the year ended December 31, 2024 | |
|
|
MYR | | |
MYR | | |
USD | |
Profit before income taxes |
|
| 5,110,267 | | |
| 6,345,785 | | |
| 1,419,797 | |
Notional tax on profit before taxation, calculated at the rates applicable to the respective tax jurisdictions |
|
| 1,226,464 | | |
| 1,522,988 | | |
| 340,751 | |
Effect of tax rates in foreign jurisdictions |
|
| 135,602 | | |
| 1,064,667 | | |
| 238,207 | |
Non-deductible expenses |
|
| 8,777 | | |
| 20,016 | | |
| 4,479 | |
Tax effect on capital allowance |
|
| (14,961 | ) | |
| – | | |
| – | |
Under provision of tax in prior years |
|
| – | | |
| 225,946 | | |
| 50,553 | |
Tax expenses for the year |
|
| 1,355,882 | | |
| 2,833,617 | | |
| 633,990 | |
|
Schedule of Significant Components of Deferred Taxes Recognized in the Consolidated Statement of Financial Position and the Movements |
The significant components of deferred taxes
recognized in the consolidated statement of financial position and the movements during the year presented are as follows:
| |
As of | |
| |
December 31, 2024 | |
| |
MYR | | |
USD | |
Deferred tax assets: | |
| | | |
| | |
- Allowance for credit losses | |
| 178,526 | | |
| 39,943 | |
- Lease liability | |
| 598,394 | | |
| 133,884 | |
Total deferred tax assets | |
| 776,920 | | |
| 173,827 | |
Net off against deferred tax liabilities | |
| (746,897 | ) | |
| (167,110 | ) |
Net deferred tax assets | |
| 30,023 | | |
| 6,717 | |
| |
| | | |
| | |
Deferred tax liabilities: | |
| | | |
| | |
- Right-of-use asset | |
| (546,530 | ) | |
| (122,280 | ) |
- Depreciation and amortization | |
| (200,367 | ) | |
| (44,830 | ) |
Total deferred tax liabilities | |
| (746,897 | ) | |
| (167,110 | ) |
Net off against deferred tax assets | |
| 746,897 | | |
| 167,110 | |
Net deferred tax liabilities | |
| – | | |
| – | |
|