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Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Major components of tax expense (income) [abstract]

Summary of Components of Income Tax Expense

The major components of income tax expense for the years ended December 31, 2021, 2020 and 2019 are as follows:

Consolidated profit or loss

		2021				2020				2019
		RMB’000				RMB’000				RMB’000
Current income tax:
Current income tax charge			1,783				10,143				9,174
Overprovision in prior years			(1,899	)			(1,912	)			—
Deferred tax			1,151				(4,609	)			(73	)
Income tax expense reported in profit or loss			1,035				3,622				9,101

Summary of Reconciliation of Tax Expense and Accounting Profit

Reconciliation of tax expense and the accounting profit/(loss) multiplied by China’s domestic tax rate of 25% for 2021, 2020 and 2019:

		2021				2020				2019
		RMB’000				RMB’000				RMB’000
Accounting (loss)/profit before tax			(58,582	)			(11,592	)			65,863
At China’s statutory income tax rate			(14,645	)			(2,898	)			16,466
Effect of lower tax rate (Note)			16,922				8,691				(6,460	)
Loss attributable to a joint venture			123				2				—
Non-deductible expenses for tax purposes			824				1,718				31
Super deductions			(2,406	)			(2,086	)			(1,028	)
Adjustments in respect of current tax of previous periods			(1,899	)			(1,912	)			—
Unrecognised tax losses			2,116				107				92
At the effective income tax rate of -2% (2020: -31%; 2019: 14%)			1,035				3,622				9,101
Income tax expense reported in profit or loss			1,035				3,622				9,101

Note: The amount represented (i) a reduced enterprise income tax rate of 15% and certain other preferential tax benefits available to a qualified HNTE under PRC tax laws and regulations entitled by Beijing Kuke Music and (ii) the effects of different tax rates in relation to other jurisdictions.

Summary of Deferred Tax

  Deferred tax

  Reconciliation of deferred tax assets and liabilities:

		December 31, 2021				December 31, 2020
		RMB’000				RMB’000
Deferred tax assets			7,736				8,917
Deferred tax liabilities			(1,417	)			(1,447	)
Net deferred tax			6,319				7,470

Summary of Reconciliation of Deferred Tax Assets and Liabilities

		January 1, 2020				Acquisition from business combinations				Credited/ (charged) to profit or loss				December 31, 2020
		RMB’000				RMB’000				RMB’000				RMB’000
Leases			8				77				10				95
Expected credit losses on debt financial assets			2,386				55				3,941				6,382
Trade payables, accrual and provisions			1,402				—				1,038				2,440
Tax losses			—				405				(405	)			—
Fair value adjustment arising from business combinations			—				(1,472	)			25				(1,447	)
Total			3,796				(935	)			4,609				7,470

		January 1, 2021				Acquisition from business combinations				Credited/ (charged) to profit or loss				December 31, 2021
		RMB’000				RMB’000				RMB’000				RMB’000
Leases			95				—				61				156
Expected credit losses on debt financial assets			6,382				—				(1,314	)			5,068
Trade payables, accrual and provisions			2,440				—				72				2,512
Fair value adjustment arising from business combinations			(1,447	)			—				30				(1,417	)
Total			7,470				—				(1,151	)			6,319

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The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]

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