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Taxation (Tables)

12 Months Ended

Dec. 31, 2023

Taxation

Schedule of the combined effects of EIT exemptions and tax rate reductions

The following table presents the combined effects of EIT exemptions and tax rate reductions enjoyed by the Group for the years ended December 31, 2021, 2022 and 2023 (in thousands except per share data):

​

​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021		2022		2023
​	​	RMB	​	RMB	​	RMB
Aggregate amount of EIT exemptions and tax rate reductions		2,238,907		2,631,764		3,228,359
Earnings per share effect, basic		0.67		0.81		1.00
Earnings per share effect, diluted		0.66		0.80		0.99

​

Schedule of component of income tax expenses

The following table sets forth the component of income tax expenses of the Group for the years ended December 31, 2021, 2022 and 2023 (in thousands):

​

​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021		2022		2023
​	​	RMB	​	RMB	​	RMB
Current tax expense		3,720,321		4,542,168		4,568,267
Deferred tax expense		407,948		489,670		131,437
Income tax expenses		4,128,269		5,031,838		4,699,704

Schedule of reconciliation of the differences between the statutory income tax rate and the Group's effective income tax rate

​

​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021		2022		2023
​	​	%	​	%	​	%
Statutory income tax rate		25.0		25.0		25.0
Permanent differences		(2.7)		(5.0)		(7.1)
Effect due to different tax rates applicable to overseas entities		(1.8)		0.2		0.2
Effect of lower tax rate applicable to HNTEs		(10.1)		(10.1)		(9.5)
Change in valuation allowance		3.9		1.8		0.6
Effect of withholding income tax (d)		5.3		8.8		4.6
Effective income tax rate		19.6		20.7		13.8

​

Schedule of tax impact of significant temporary differences that give rise to the deferred tax assets and liabilities

The following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets and liabilities as of December 31, 2022 and 2023 (in thousands):

​

​	​	​	​	​
​		December 31,		December 31,
​	​	2022	​	2023
​	​	RMB	​	RMB
Deferred tax assets:	​	​	​	​
Contract liabilities, primarily for advanced payments from online games customers		1,009,624		1,043,715
Accruals		654,348		808,527
Depreciation and amortization		7,100		2,180
Net operating tax loss carry forward		3,781,233		3,424,344
​		5,452,305		5,278,766
Less: valuation allowance		(3,971,516)		(3,718,678)
Total		1,480,789		1,560,088

​

​	​	​	​	​
​		December 31,		December 31,
​	​	2022	​	2023
​	​	RMB	​	RMB
Deferred tax liabilities:	​	​	​	​
Withholding income tax(d)		1,947,190		2,165,573
Others		178,930		133,730
Total		2,126,120		2,299,303

Schedule of movement of the aggregate valuation allowances for deferred tax assets

The following table sets forth the movement of the aggregate valuation allowances for deferred tax assets for the periods presented (in thousands):

​

​	​	​	​	​	​	​
​		Balance at		Net change		Balance at
​	​	January 1	​	for the year	​	December 31
​	​	RMB	​	RMB	​	RMB
2021		3,255,854	​	393,016	​	3,648,870
2022		3,648,870	​	322,646	​	3,971,516
2023		3,971,516	​	(252,838)	​	3,718,678

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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