| Taxation |
12. Taxation
12.1 Taxation expense
|
|
|
2025
|
|
2024
|
|
2023
|
|
Current tax charge(1)
|
|
$
|
6,978 |
|
$
|
10,049 |
|
$
|
4,260 |
|
Deferred tax charge
|
|
|
349 |
|
|
858 |
|
|
994 |
|
Taxation expense
|
|
$
|
7,327 |
|
$
|
10,907 |
|
$
|
5,254 |
12.2 Reconciliation of tax rate
|
|
|
2025
|
|
2024
|
|
2023
|
|
Profit before taxation
|
|
$
|
108,507 |
|
|
$
|
14,495 |
|
|
$
|
8,881 |
|
|
Taxation expense at statutory rate(1)
|
|
|
6,590 |
|
|
|
7,136 |
|
|
|
2,456 |
|
|
Nondeductible expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediary money transfer tax
|
|
|
126 |
|
|
|
158 |
|
|
|
70 |
|
|
Disallowed entertainment and staff welfare cost
|
|
|
9 |
|
|
|
50 |
|
|
|
14 |
|
|
Credit loss allowances on intergroup receivables
|
|
|
|
|
|
|
381 |
|
|
|
1,423 |
|
|
Loss on asset disposal
|
|
|
|
|
|
|
|
|
|
|
63 |
|
|
Remeasurement of financial guarantee
|
|
|
|
|
|
|
(522 |
)
|
|
|
(92 |
)
|
|
Penalties and interest
|
|
|
122 |
|
|
|
58 |
|
|
|
183 |
|
|
Death benefit
|
|
|
|
|
|
|
25 |
|
|
|
24 |
|
|
Stock obsolescence
|
|
|
|
|
|
|
43 |
|
|
|
|
|
|
Disallowed costs
|
|
|
|
|
|
|
41 |
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
27 |
|
|
Withholding taxes on dividend
|
|
|
(153 |
)
|
|
|
1,050 |
|
|
|
|
|
|
Deferred tax assets not recognized
|
|
|
633 |
|
|
|
2,487 |
|
|
|
792 |
|
|
Change in tax rate
|
|
|
|
|
|
|
|
|
|
|
294 |
|
|
Taxation expense
|
|
$
|
7,327 |
|
|
$
|
10,907 |
|
|
$
|
5,254 |
|
12.3 Reconciliation of tax paid
|
|
|
2025
|
|
2024
|
|
Reconciliation of current tax liabilities
|
|
|
|
|
|
|
|
|
|
Beginning balance, January 1
|
|
$
|
8,990 |
|
|
$
|
7,323 |
|
|
Current tax charge
|
|
|
6,978 |
|
|
|
8,999 |
|
|
Unrealized exchange loss(gain)
|
|
|
8 |
|
|
|
(684 |
)
|
|
Penalties and Interest accrued
|
|
|
512 |
|
|
|
283 |
|
|
VAT refunds offset against current tax liabilities
|
|
|
(826 |
)
|
|
|
(82 |
)
|
|
Closing balance, December 31
|
|
|
(6,642 |
)
|
|
|
(8,990 |
)
|
|
Current tax paid
|
|
$
|
9,020 |
|
|
$
|
6,849 |
|
|
Withholding tax paid
|
|
|
1,371 |
|
|
|
901 |
|
|
Total tax paid
|
|
$
|
10,391 |
|
|
$
|
7,750 |
|
12.4 Deferred tax liability
|
|
|
2025
|
|
2024
|
|
Property plant and equipment
|
|
$
|
10,814 |
|
|
$
|
10,262 |
|
|
Credit loss allowances
|
|
|
(586 |
)
|
|
|
(580 |
)
|
|
Provision for rehabilitation cost
|
|
|
(6,873 |
)
|
|
|
(6,795 |
)
|
|
Unrealized exchange gains
|
|
|
(2 |
)
|
|
|
833 |
|
|
Leave pay provision
|
|
|
(369 |
)
|
|
|
(370 |
)
|
|
Death Benefit
|
|
|
(108 |
)
|
|
|
|
|
|
Provision for stock obsolescence
|
|
|
(48 |
)
|
|
|
|
|
|
Estimated tax losses
|
|
|
(12,336 |
)
|
|
|
(11,145 |
)
|
|
Deferred tax assets not recognized
|
|
|
18,074 |
|
|
|
16,012 |
|
|
Deferred tax liability
|
|
$
|
8,566 |
|
|
$
|
8,217 |
|
|
|
|
2025
|
|
2024
|
|
Reconciliation of deferred tax liability
|
|
|
|
|
|
|
|
|
|
Beginning balance, January 1
|
|
$
|
8,217 |
|
|
$
|
7,359 |
|
|
Property plant and equipment
|
|
|
552 |
|
|
|
1,045 |
|
|
Credit loss allowances
|
|
|
(6 |
)
|
|
|
(3 |
)
|
|
Provision for rehabilitation cost
|
|
|
(78 |
)
|
|
|
(1,469 |
)
|
|
Unrealized exchange gains
|
|
|
(835 |
)
|
|
|
(611 |
)
|
|
Leave pay provision
|
|
|
1 |
|
|
|
(55 |
)
|
|
Death Benefit
|
|
|
(108 |
)
|
|
|
|
|
|
Provision for stock allowance
|
|
|
(48 |
)
|
|
|
|
|
|
Estimated tax losses
|
|
|
(1,191 |
)
|
|
|
(570 |
)
|
|
Deferred tax assets not recognized
|
|
|
2,062 |
|
|
|
2,521 |
|
|
Ending balance, December 31
|
|
$
|
8,566 |
|
|
$
|
8,217 |
|
12.5 Unrecognized deferred tax assets
|
|
|
2025
|
|
2024
|
|
Unrecognized deferred tax assets
|
|
$
|
18,074 |
|
$
|
16,012 |
12.6 Value of estimated tax losses available for set off against future taxable income
|
|
|
2025
|
|
2024
|
|
Value of estimated tax losses
|
|
$
|
47,907 |
|
$
|
43,280 |
|