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INCOME TAX EXPENSE (Tables) | 12 Months Ended
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Dec. 31, 2024
Income tax [Abstract] |
Schedule of major components of tax expense (income) |
For the years ended December 31 | 2024 | 2023
Tax on profit |  |
Current tax |  |
Charge for the year | $1,063 |  | $694 |
Adjustment in respect of prior years 1 | 9 |  | (14) |
| $1,072 |  | $680 |
Deferred tax |  |
Origination and reversal of temporary differences in the current year | $478 |  | $144 |
Adjustment in respect of prior years 1 | (30) |  | 37 |
| $448 |  | $181 |
Income tax expense | $1,520 |  | $861 |
Tax expense related to continuing operations
Current |  |
Canada | $8 |  | ($3) |
International | 1,064 |  | 683 |
| $1,072 |  | $680 |
Deferred |  |
Canada | $4 |  | $— |
International | 444 |  | 181 |
| $448 |  | $181 |
Income tax expense | $1,520 |  | $861 |
1Includes adjustments to equalize the difference between prior year's tax return and the year-end provision.
Schedule of reconciliation to Canadian statutory rate |
Reconciliation to Canadian Statutory Rate |
For the years ended December 31 | 2024 | 2023
At 26.5% statutory rate | $1,221 |  | $746 |
Increase (decrease) due to: |  |
Allowances and special tax deductions 1 | (211) |  | (184) |
Impact of foreign tax rates 2 | 18 |  | (79) |
Non-deductible expenses / (non-taxable income) | 111 |  | 72 |
Goodwill impairment charges not tax deductible | 145 |  | — |
Taxable gains on sales of non-current assets | 2 |  | 6 |
Net currency translation losses on current and deferred tax balances | 52 |  | 289 |
Tax impact from pass-through entities and equity accounted investments | (263) |  | (183) |
Current year tax results sheltered by previously unrecognized deferred tax assets | (5) |  | (22) |
Recognition and derecognition of deferred tax assets | (26) |  | (142) |
Settlements and adjustments in respect of prior years | 116 |  | 23 |
Increase to income tax related contingent liabilities | 1 |  | 54 |
Impact of tax rate changes | — |  | (2) |
Withholding taxes | 70 |  | 61 |
Mining taxes | 290 |  | 224 |
Tax impact of amounts recognized within accumulated OCI | — |  | (2) |
Other items | (1) |  | — |
Income tax expense | $1,520 |  | $861 |
1 We are able to claim certain allowances, incentives and tax deductions unique to extractive industries that result in a lower effective tax rate. 2 We operate in multiple foreign tax jurisdictions that have tax rates different than the Canadian statutory rate.

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