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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of composition of income tax expenses

		For the year ended December 31,
		2017		2018		2019
		RMB’000		RMB’000		RMB’000
Current income tax expense		3,963		15,079		22,978
Deferred taxation		(54)		(252)		(3,085)
Total		3,909		14,827		19,893

Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate

		For the year ended December 31,
		2017		2018		2019
		%		%		%
Statutory EIT rate		25.00		25.00		25.00
Effect of non‑deductible expenses(1)		16.59		3.28		(386.74)
Tax incentives for research and development expense(2)		(6.93)		(7.35)		111.56
Tax incentives for wages of disabled staff		(1.56)		(0.36)		9.89
Change in valuation allowance		—		5.82		(154.03)
Non-taxable item(3)		—		—		47.58
Tax rate difference from statutory rate in other jurisdictions		—		0.40		7.45
Others		(0.06)		—		8.72
Effective income tax rate		33.04		26.79		(330.57)

(1) It is mainly comprised of share‑based compensation expenses which are permanent differences.

(2) According to policies promulgated by the State Tax Bureau of the PRC, certain of the Group’s subsidiaries are entitled to tax incentives for research and development expenses at 150% of tax‑deductible research and development expenses in 2017 and 175% of tax‑deductible research and development expenses in 2018 and 2019.

(3) It is due to the disposal gain arising from the disposal of 36Kr Global Holding.

Schedule of composition of deferred tax assets

		December 31,		December 31,
		2018		2019
		RMB’000		RMB’000
Deferred tax assets - non‑current:
—Net operating tax losses carry forwards		3,231		9,440
—Rental fee adjustment for rent free period		621		584
—Allowances of doubtful accounts		643		3,144
Total deferred tax assets		4,495		13,168
Deferred tax liabilities - non‑current:
—Change in fair value of short‑term investments		(958)		(147)
Total deferred tax liabilities		(958)		(147)
Subtotal		3,537		13,021
Less: valuation allowance		(3,231)		(9,630)
Total deferred tax assets, net		306		3,391

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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