XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.23.1

Income Tax (Credit) / Expense | 12 Months Ended
--- | ---
Dec. 31, 2022
Major components of tax expense (income) [abstract] |
Income Tax (Credit) / Expense |
9. | INCOME TAX (CREDIT)/EXPENSE
Hong Kong profits tax has been provided at the rate of 16.5% (2021: 16.5%; 2020: 16.5%) on the estimated assessable profits arising in Hong Kong . Overseas tax is calculated at rates of tax applicable in c ountries in which the Group is assessable for tax:
|  | For the year ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | HK$ |  |  | HK$ |  |  | HK$ |
Current tax: |  |  |  |  |  |  |  |  |  |  |  |
Hong Kong profits tax |  |  |  |  |  |  |  |  |  |  |  |
Charge for the year |  |  | 96,708,600 |  |  |  | 104,423,916 |  |  |  | 101,232,315 |
Overprovision in prior year |  |  | (143,606 | ) |  |  | — |  |  |  | — |
The People’s Republic of China withholding tax |  |  |  |  |  |  |  |  |  |  |  |
Charge for the year |  |  | 8,807,816 |  |  |  | 4,871,121 |  |  |  | 5,021,351 |
Other jurisdictions |  |  |  |  |  |  |  |  |  |  |  |
Charge for the year |  |  | — |  |  |  | — |  |  |  | 626,778 |
Deferred tax |  |  | (242,913,577 | ) |  |  | — |  |  |  | (1,896,006 | )
|  |  | (137,540,767 | ) |  |  | 109,295,037 |  |  |  | 104,984,438 |
Under the two-tiered profits tax rates regime of Hong Kong Profits Tax, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. For the year ended December 31, 2020, 2021 and 2022, the Hong Kong Profits Tax of the qualifying group entity is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million. A reconciliation of tax (credit)/expense and profit before tax at the statutory tax rate in which the Group’s major operating subsidiaries are domiciled is as follows:
|  | For the year ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | HK$ |  |  | HK$ |  |  | HK$ |
Profit before tax |  |  | 1,001,420,217 |  |  |  | 1,331,176,555 |  |  |  | 1,361,698,473 |
Tax at statutory tax rate of 16.5% |  |  | 165,234,336 |  |  |  | 219,644,132 |  |  |  | 224,680,248 |
Tax effect of foreign tax jurisdictions |  |  | — |  |  |  | — |  |  |  | 264,583 |
Tax effect of two-tiered profit s tax rate |  |  | (165,000 | ) |  |  | (165,000 | ) |  |  | (165,000 | )
Tax effect of non-taxable income |  |  | (79,190,106 | ) |  |  | (95,836,917 | ) |  |  | (122,208,901 | )
Tax effect of distribution to perpetual securities holders that are deductible for tax purpose |  |  | — |  |  |  | (20,747,569 | ) |  |  | (20,290,239 | )
Tax effect of non-deductible expenses |  |  | 10,887,971 |  |  |  | 1,566,657 |  |  |  | 17,740,105 |
Tax effect of unrecognized temporary difference |  |  | (25,011 | ) |  |  | (4,075 | ) |  |  | (2,839 | )
Tax effect of deferred tax liability reversed |  |  | (242,913,577 | ) |  |  | — |  |  |  | — |
Overprovision in prior year |  |  | (143,606 | ) |  |  | — |  |  |  | — |
Utilization of tax losses previously not recognized |  |  | (33,590 | ) |  |  | (33,312 | ) |  |  | (54,870 | )
Withholding tax on the dividend income |  |  | 8,807,816 |  |  |  | 4,871,121 |  |  |  | 5,021,351 |
Income tax (credit)/expense |  |  | (137,540,767 | ) |  |  | 109,295,037 |  |  |  | 104,984,438 |
As at December 31, 2022, the Group had tax losses arising in Hong Kong and other countries, subject to the agreement by the tax authorities, which are available for offsetting against the future taxable profits of the Group. Deferred tax assets have not been recognized in respect of these losses as it is not considered probable that taxable profits will be available against which such tax losses can be utilized.

X
- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2022-03-24 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2022-en-r&doctype=Standard&dita_xref=IAS12_g79-88__IAS12_g79-88_TI -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfIncomeTaxExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration