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Income tax expense | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Income tax expense |
8. | Income tax expense
The major components of income tax expense for the years ended Dec e mber 31, 2019, 2020 and 2021 are as follows:
|  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Current income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Current year |  |  | 193,878 |  |  |  | 180,254 |  |  |  | 48,856 |  |  |  | 7,727 |
- Over provision in respect of prior years |  |  | (6,985 | ) |  |  | (124 | ) |  |  | (21,523 | ) |  |  | (3,404 | )
Deferred tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Movement in temporary differences |  |  | (14,274 | ) |  |  | 12,543 |  |  |  | 16,483 |  |  |  | 2,607 |
- Over provision in respect of prior years |  |  | — |  |  |  | (135 | ) |  |  | — |  |  |  | — |
Consolidated income tax expense reported in the statement of profit or loss |  |  | 172,619 |  |  |  | 192,538 |  |  |  | 43,816 |  |  |  | 6,930 |
Income tax expense reported in the consolidated statement of profit or loss differs from the amount computed by applying the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2019, 2020 and 2021 for the following reasons:
|  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Accounting profit before tax |  |  | 1,033,319 |  |  |  | 971,864 |  |  |  | 451,710 |  |  |  | 71,447 |
Computed tax expense at 15% |  |  | 154,998 |  |  |  | 145,780 |  |  |  | 67,757 |  |  |  | 10,717 |
Adjustments resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible expenses |  |  | 3,982 |  |  |  | 9,188 |  |  |  | 17,795 |  |  |  | 2,815 |
Tax-exempt income |  |  | (6,171 | ) |  |  | (601 | ) |  |  | (2,181 | ) |  |  | (345 | )
Utilization of deferred tax benefits previously not recognized |  |  | (5,076 | ) |  |  | (1,996 | ) |  |  | (29 | ) |  |  | (5 | )
Deferred tax benefits not recognized |  |  | 6,613 |  |  |  | 6,097 |  |  |  | 10,356 |  |  |  | 1,638 |
Tax credits for research and development expense |  |  | (31,863 | ) |  |  | (26,329 | ) |  |  | (59,633 | ) |  |  | (9,432 | )
Tax rate differential |  |  | 26,223 |  |  |  | 24,251 |  |  |  | 16,517 |  |  |  | 2,612 |
Over provision in respect of previous years |  |  | (6,985 | ) |  |  | (259 | ) |  |  | (21,523 | ) |  |  | (3,404 | )
Withholding tax expense |  |  | 30,898 |  |  |  | 36,332 |  |  |  | 14,639 |  |  |  | 2,315 |
Others |  |  | — |  |  |  | 75 |  |  |  | 118 |  |  |  | 19 |
Total |  |  | 172,619 |  |  |  | 192,538 |  |  |  | 43,816 |  |  |  | 6,930 |
Deferred tax Deferred tax relates t o the following:
|  | Consolidated statement of financial position |  |  | Consolidated statement of profit or loss |
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |  |  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Accelerated tax depreciation |  |  | (100,802 | ) |  |  | (138,770 | ) |  |  | (21,950 | ) |  |  | (17,366 | ) |  |  | (55,882 | ) |  |  | (37,968 | ) |  |  | (6,006 | )
Interest receivable |  |  | (1,937 | ) |  |  | (3,396 | ) |  |  | (537 | ) |  |  | 608 |  |  |  | (293 | ) |  |  | (1,459 | ) |  |  | (231 | )
PRC withholding tax on dividend income (i) |  |  | (112,456 | ) |  |  | (65,544 | ) |  |  | (10,367 | ) |  |  | (30,721 | ) |  |  | (36,255 | ) |  |  | (14,529 | ) |  |  | (2,298 | )
Impairment of property, plant and equipment |  |  | 6,210 |  |  |  | 5,138 |  |  |  | 812 |  |  |  | (9,295 | ) |  |  | (438 | ) |  |  | (1,072 | ) |  |  | (170 | )
Effect of change in residual value of property, plant and equipment |  |  | 33,894 |  |  |  | 60,230 |  |  |  | 9,527 |  |  |  | — |  |  |  | 33,894 |  |  |  | 26,336 |  |  |  | 4,166 |
Write-down of inventories |  |  | 22,628 |  |  |  | 20,250 |  |  |  | 3,203 |  |  |  | 2,343 |  |  |  | 4,225 |  |  |  | (2,378 | ) |  |  | (376 | )
Allowance for doubtful account receivables |  |  | 8,056 |  |  |  | 6,789 |  |  |  | 1,074 |  |  |  | 4,900 |  |  |  | (2,021 | ) |  |  | (1,267 | ) |  |  | (200 | )
Accruals |  |  | 298,766 |  |  |  | 283,427 |  |  |  | 44,830 |  |  |  | 46,108 |  |  |  | 48,149 |  |  |  | (15,339 | ) |  |  | (2,426 | )
Deferred income |  |  | 108,942 |  |  |  | 97,828 |  |  |  | 15,474 |  |  |  | 12,232 |  |  |  | 1,211 |  |  |  | (11,114 | ) |  |  | (1,758 | )
Losses available for offsetting against future taxable income |  |  | — |  |  |  | 23,072 |  |  |  | 3,650 |  |  |  | — |  |  |  | — |  |  |  | 23,072 |  |  |  | 3,650 |
Others |  |  | 24,441 |  |  |  | 43,606 |  |  |  | 6,897 |  |  |  | 5,465 |  |  |  | (4,998 | ) |  |  | 19,235 |  |  |  | 3,042 |
Deferred tax benefits/(expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,274 |  |  |  | (12,408 | ) |  |  | (16,483 | ) |  |  | (2,607 | )
Net deferred tax assets |  |  | 287,742 |  |  |  | 332,630 |  |  |  | 52,613 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reflected in the consolidated statement of financial position as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax assets |  |  | 400,198 |  |  |  | 398,174 |  |  |  | 62,980 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | (112,456 | ) |  |  | (65,544 | ) |  |  | (10,367 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 287,742 |  |  |  | 332,630 |  |  |  | 52,613 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note:
| (i) | The movement of PRC withholding tax on dividend income is as follows:
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
At January 1 |  |  | (106,922 | ) |  |  | (112,456 | ) |  |  | (17,787 | )
Provision made to consolidated statement of profit or loss |  |  | (36,255 | ) |  |  | (14,529 | ) |  |  | (2,298 | )
Utilization |  |  | 30,721 |  |  |  | 61,441 |  |  |  | 9,718 |
December 31 |  |  | (112,456 | ) |  |  | (65,544 | ) |  |  | (10,367 | )
The Corporate Income Tax (“CIT”) law provides for a tax of 10% to be withheld from dividends paid to forei g n investors of PRC enterprises. This withholding tax provision does not apply to dividends paid out of profit earned prior to January 1, 2008. Beginning on January 1, 2008, a 10% withholding tax is imposed on dividends paid to the Company, as a non-resident enterprise, unless an applicable tax treaty provides for a lower tax rate. The Company recognizes a deferred tax liability for withholding tax payable for profits accumulated after December 31, 2007 for the earnings that the Company does not plan to indefinitely reinvest in the PRC enterprises. As of December 31, 2021, the deferred tax liability for withholding tax payable was RMB 65.5 million (US$ 10.4 million) (2020: RMB 112.5 million). The amount of unrecognized deferred tax liability relating to undistributed earnings of the PRC enterprises is estimated to be RMB 195.5 million (US$ 30.9 million) (2020: RMB 236.4 million). Deferred tax assets have not been recognized in respect of the following items:
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Unutilized tax losses |  |  | 404,215 |  |  |  | 414,212 |  |  |  | 65,517 |
Unutilized capital allowances and investment allowances |  |  | 105,622 |  |  |  | 103,810 |  |  |  | 16,420 |
Other unrecognized temporary differences relating to asset impairment and deferred grants |  |  | 204,423 |  |  |  | 199,203 |  |  |  | 31,508 |
|  |  | 714,260 |  |  |  | 717,225 |  |  |  | 113,445 |
Unrecognized tax losses for the Group are subject to agreement with the tax authorities and compliance with tax regulations in the respective countries in which the Group operates. The unutilized tax losses for PRC subsidiaries and Malaysia subsidiaries expire within the next 5 to 10 years and 10 years, respectively. These losses may not be used to offset taxable income elsewhere in the Group. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available against which the Group can utilize the benefits.

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