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Income taxes | 6 Months Ended
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Dec. 31, 2023
Income taxes |
Income taxes | 10 Income taxes (a) Taxation recognized in consolidated profit or loss: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | For the six
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | months ended
​ | ​ | For the year ended June 30, | ​ | December 31,
​ | ​ | 2021 | ​ | 2022 |  | 2023 | ​ | 2023
​ |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000
Amounts recognized in consolidated profit or loss |  |  |  |  | ​ | ​ | ​ | ​
Current tax |  |  |  |  | ​ | ​ | ​ | ​
Provision for the year/period |  | 200,170 |  | 252,989 | ​ | 557,630 | ​ | 339,409
Deferred tax |  | ​ |  | ​ | ​ | ​ | ​ | ​
Origination and reversal of temporary differences (Note 10(c)) |  | 13,085 |  | 14,081 | ​ | (5,845) | ​ | 57,256
Tax expense |  | 213,255 |  | 267,070 | ​ | 551,785 | ​ | 396,665
​
1) | Cayman Islands and the BVI
Pursuant to the rules and regulations of the Cayman Islands and the BVI, the Group is not subject to any income tax in the Cayman Islands and the BVI.
2) | Hong Kong
Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiaries are subject to Hong Kong Profits Tax at the rate of 16.5% on their taxable income generated from the operations in Hong Kong. A two-tiered profits tax rates regime was introduced in 2018 where the first HKD2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the Group to benefit from the progressive rates.
3) | Mainland China
Under the Corporate Income Tax (“CIT”) Law, the subsidiaries established in mainland China are subject to a unified statutory CIT rate of 25%. A subsidiary established in Hengqin New Area of Zhuhai, a pilot free trade zone in the PRC, met the criteria for a preferential income tax rate of 15% prior to December 31, 2022. A subsidiary established in Guangzhou Nansha, a pilot free trade zone in the PRC, met the criteria for a preferential income tax rate of 15%. A subsidiary established in Guangzhou, the PRC, is qualified as high and new technology enterprise and is entitled to a preferential income tax rate of 15% for three years ending December 31, 2024.
4) | United States
Under United States Internal Revenue Code, the subsidiaries established in United States are subject to a unified Federal CIT rate of 21% and variable state income and franchise tax depends on which state the subsidiaries has nexus with. Most of subsidiaries in United States are operated in the states of California and Texas, and thus they will be subject to state income tax rate of 8.84% and 0.75%, respectively. Other subsidiaries in United States mainly are subject to state income tax rates ranging from 4.9% to 11.5% depending on the location of the operation.
5) | Indonesia
The subsidiary incorporated in Indonesia is subject to the prevailing statutory tax rate on taxable income. The statutory tax rate was 25% for fiscal year ended December 31, 2020 and 22% from fiscal year ended December 31, 2021 and onwards.
6) | India
Under the Income Tax Act 1961 enacted in India, the subsidiary incorporated in India is subject to a profit tax rate of 26% for fiscal year ended March 31, 2022 and 29.12% from fiscal year ended March 31, 2023 and onwards.
7) | Canada
Under the Canadian federal and provincial tax rules, the subsidiaries incorporated in Canada are subject to the combined Canadian federal and provincial statutory income tax rates ranging from 23% to 31% depending on the location of the operation.
8) | Singapore
Under the Income Tax Act enacted in Singapore, the subsidiaries incorporated in Singapore are subject to a tax rate of 17% on its chargeable income.
9) | Vietnam
Under the Law on Corporate Income Tax enacted in Vietnam, the subsidiary incorporated in Vietnam is subject to a tax rate of 20% on its assessable income. (b) Reconciliation between tax expense and accounting profit at applicable tax rates: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | For the six
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | months ended
​ |  | For the year ended June 30, |  | December 31,
​ | ​ | 2021 | ​ | 2022 | ​ | 2023 |  | 2023
​ |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000
(Loss)/profit before taxation |  | (1,216,192) | ​ | 906,813 |  | 2,333,614 | ​ | 1,652,742
Notional tax on (loss)/profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned |  | 118,766 | ​ | 214,704 |  | 566,955 | ​ | 394,856
Tax effect of share-based compensation expenses (Note 7(i)) |  | 70,330 | ​ | 20,254 |  | 15,435 | ​ | 11,401
Tax effect of other non-deductible expenses |  | 10,433 | ​ | 10,935 |  | 13,666 | ​ | 7,310
Effect of preferential tax treatments on assessable profits of certain subsidiaries (Note 10(a)(3)) |  | (34,218) | ​ | (18,001) |  | (42,739) | ​ | (10,756)
Tax effect of additional deduction on research and development costs |  | — | ​ | — |  | (4,217) | ​ | (3,476)
Tax effect of exempted and non-taxable income | ​ | (6,245) | ​ | (4,044) | ​ | (7,421) | ​ | (12,481)
Withholding tax on income of non-PRC resident entities derived from mainland China |  | — | ​ | — |  | — | ​ | 4,095
Effect of unused tax losses not recognized/(being utilized) |  | 72,969 | ​ | 44,888 |  | 22,956 | ​ | (8,002)
Effect of deductible temporary differences (being utilized)/not recognized | ​ | (18,780) | ​ | (1,666) | ​ | (12,850) | ​ | 13,718
Actual tax expenses |  | 213,255 | ​ | 267,070 |  | 551,785 | ​ | 396,665
​ (c) Movement in deferred tax assets The components of deferred tax assets recognized in the consolidated statement of financial position and the movements during the reporting periods presented are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ |  | Loss from |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | waiver of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | intercompany | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | receivables | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unused |  | Intra-group | ​ | ​ | ​ | of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | tax | ​ | unrealized | ​ | Credit loss and | ​ | discontinued | ​ | Right-of-use | ​ | Lease | ​ | ​ | ​ | ​
​ | ​ | losses | ​ | profits | ​ | impairment | ​ | operations | ​ | assets | ​ | Liabilities | ​ | Others |  | Total
​ |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000
Deferred tax assets arising from: |  |  |  |  |  |  |  |  |  | ​ | ​ | ​ | ​ |  |  |
At July 1, 2021 |  | 34,253 | ​ | 14,696 | ​ | 50,347 | ​ | 61,548 | ​ | (151,106) | ​ | 155,949 | ​ | 2,865 | ​ | 168,552
Charged to profit or loss |  | (2,536) | ​ | (3,556) | ​ | (8,673) | ​ | — | ​ | 33,926 | ​ | (28,651) | ​ | (4,591) | ​ | (14,081)
Exchange rate difference |  | (21) | ​ | (43) | ​ | (101) | ​ | — | ​ | (138) | ​ | 123 | ​ | 42 | ​ | (138)
At June 30, 2022 |  | 31,696 | ​ | 11,097 | ​ | 41,573 | ​ | 61,548 | ​ | (117,318) | ​ | 127,421 | ​ | (1,684) | ​ | 154,333
Charged to profit or loss |  | (8,499) | ​ | 11,944 | ​ | (3,519) | ​ | (675) | ​ | 9,543 | ​ | (11,976) | ​ | 9,027 | ​ | 5,845
Exchange rate difference |  | 239 | ​ | 111 | ​ | 628 | ​ | — | ​ | (162) | ​ | 175 | ​ | 448 | ​ | 1,439
At June 30, 2023 | ​ | 23,436 | ​ | 23,152 | ​ | 38,682 | ​ | 60,873 | ​ | (107,937) | ​ | 115,620 | ​ | 7,791 | ​ | 161,617
Charged to profit or loss | ​ | (392) | ​ | 4,781 | ​ | (7,574) | ​ | (54,048) | ​ | 8,770 | ​ | (6,563) | ​ | (2,230) | ​ | (57,256)
Exchange rate difference | ​ | (31) | ​ | (113) | ​ | 73 | ​ | — | ​ | 363 | ​ | (370) | ​ | (153) | ​ | (231)
At December 31, 2023 |  | 23,013 | ​ | 27,820 | ​ | 31,181 | ​ | 6,825 | ​ | (98,804) | ​ | 108,687 | ​ | 5,408 | ​ | 104,130
​ The Group only recognizes deferred income tax assets for cumulative tax losses if it is probable that future taxable amounts will be available to utilize those tax losses. (d) Unrecognized deferred tax assets Deferred tax assets have not been recognized in respect of the following items, because it is not probable that future taxable profit against which the losses can be utilized will be available in the relevant tax jurisdiction. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | As at
​ |  | As at June 30, | ​ | December 31,
​ | ​ | 2022 | ​ | 2023 | ​ | 2023
​ |  | RMB’000 |  | RMB’000 |  | RMB’000
Deductible temporary differences |  | 107,964 |  | 49,375 | ​ | 54,416
Cumulative tax losses |  | 630,807 |  | 751,256 | ​ | 774,584
Total |  | 738,771 |  | 800,631 | ​ | 829,000
​ (e) Tax losses carried forward Tax losses for which no deferred tax asset was recognized will expire as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As at |  | ​ |  | As at |  | ​ |  | As at |  | ​
​ | ​ | June 30, | ​ | ​ | ​ | June 30, | ​ | ​ | ​ | December 31, | ​ | ​
​ | ​ | 2022 | ​ | Expiry date | ​ | 2023 | ​ | Expiry date | ​ | 2023 | ​ | Expiry date
​ |  | RMB’000 |  | ​ |  | RMB’000 |  | ​ | ​ | RMB’000 | ​ | ​
Expire |  | 278,215 |  | 2023-2043 |  | 361,627 |  | 2024-2044 | ​ | 432,759 | ​ | 2024-2044
Never expire |  | 352,592 |  | ​ |  | 389,629 |  | ​ | ​ | 341,825 | ​ | ​
​ Tax losses for which no deferred tax asset was recognized are related to subsidiaries that were established in recent years, which are not expected to derive sufficient taxable profits in the foreseeable future before unused tax losses expired. (f) Uncertain tax position The Group evaluates whether it is probable that tax authority will accept the tax treatment for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of June 30, 2022 and 2023 and December 31, 2023, the Group did not have any significant unrecognized uncertain tax positions. The Group does not anticipate any significant increase to unrecognized tax benefit within the next 12 months. Interest and penalties related to income tax matters, if any, is included in income tax expense.

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