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Income tax expense | 12 Months Ended
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Dec. 31, 2020
Income tax expense |
11. Income tax expense | The Company is a tax exempted company incorporated in the Cayman Islands. In addition, dividend payments by the Company are not subject to withholding taxes. No provision for Hong Kong Profits Tax has been made as the subsidiary incorporated in Hong Kong had no assessable profits earned or derived from Hong Kong during the years ended December 31, 2018, 2019 and 2020. Payments of dividends by Hong Kong companies are not subject to Hong Kong withholding tax. The subsidiaries incorporated in the PRC other than Hong Kong are governed by the Income Tax Law of the PRC concerning Foreign Investment and Foreign Enterprises and various local income tax laws. Dividends paid by our PRC operating subsidiaries may be subject to withholding taxes of 5%-10%. The Company does not have any deferred tax assets or liabilities as of December 31, 2018, 2019 and 2020.
The Company’s income taxes consist of: |  | Year Ended December 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Current income tax expenses |  |  | 18,033 |  |  |  | - |  |  |  | - |
Deferred income tax expenses |  |  | - |  |  |  | - |  |  |  | - |
Income tax expense |  |  | 18,033 |  |  |  | - |  |  |  | - |
The reconciliation between tax expense and accounting profit at applicable PRC tax rates of 25% is as follows:
|  | Year Ended December 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Profit before income tax |  |  | 26,188 |  |  |  | 58,616 |  |  |  | 19,854 |
Computed expected income tax expense |  |  | 6,547 |  |  |  | 14,654 |  |  |  | 4,963 |
Tax effect of non-deductible expenses |  |  | 17,173 |  |  |  | 6,260 |  |  |  | 13,817 |
Tax effect of tax-exempt entities |  |  | 1,884 |  |  |  | 716 |  |  |  | 804 |
Tax effect of non-taxable income |  |  | (7,571 | ) |  |  | (21,630 | ) |  |  | (19,584 | )
Income tax expense |  |  | 18,033 |  |  |  | - |  |  |  | - |

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- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2019-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2019-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2019-03-27 + Details
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