Notes to the Financial Statements Year ended 31 December 2024 12 DEFERRED TAX (continued) Deferred tax liabilities and assets are offset when there is a legally enforceable right to set off current tax liabilities and when the deferred taxes relate to the same tax authority. The amounts determined after appropriate offsetting are included in the Statements of Financial Position as follows: CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group 2024 2023 2024 2023 2024 2023 $’000 $’000 $’000 $’000 $’000 $’000 Deferred tax assets 15,069 10,595 3,828 3,983 18,897 14,578 Deferred tax liabilities (166,847) (154,002) (43,623) (41,323) (210,470) (195,325) As at 31 December 2024, deferred tax liabilities amounting to $5,322,000 (2023: $8,180,000) had not been recognised for taxes that would be payable on the undistributed earnings of certain subsidiaries as these earnings would not be distributed in the foreseeable future. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets have not been recognised in respect of the following items because it is not probable that future taxable profit will be available against which the CapitaLand Ascott REIT Group, the CapitaLand Ascott BT Group and the Stapled Group can utilise the benefits therefrom: CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group 2024 2023 2024 2023 2024 2023 $’000 $’000 $’000 $’000 $’000 $’000 Tax losses 206,303 208,892 – 15,932 206,303 224,824 Deductible temporary differences 5,934 4,576 – – 5,934 4,576 212,237 213,468 – 15,932 212,237 229,400 Tax losses are subject to agreement by the tax authorities and compliance with tax regulations in the respective countries in which the subsidiaries operate. The deductible temporary differences do not expire under the current tax legislation. Unrecognised tax losses brought forward of the Stapled Group amounting to $2,833,000 (2023: $3,495,000) expired during the year. In addition, $37,903,000 (2023: $46,511,000) of the losses brought forward were utilised to set off against current year’s taxable profit. The remaining balance of $184,088,000 (2023: $181,751,000) and unrecognised tax losses arising during the year of $22,215,000 (2023: $43,073,000) have been carried forward. Tax losses that have been carried forward are subject to expiration as follows: CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group 2024 2023 2024 2023 2024 2023 $’000 $’000 $’000 $’000 $’000 $’000 Expiry dates – No expiry 172,945 166,833 – 15,932 172,945 182,765 – Within 1 to 5 years 29,082 24,983 – – 29,082 24,983 – After 5 years 4,276 17,076 – – 4,276 17,076 206,303 208,892 – 15,932 206,303 224,824 196 CapitaLand Ascott Trust
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