Notes tothe financial statements For the financial year ended 31 December 2023 11. Income tax expenses (cont’d) Relationship between tax expense and accounting profit A reconciliation between tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the years ended 31 December 2023 and 2022 are as follows: Group 2023 Rp million 2022 Rp million Profit before tax as per consolidated statement of comprehensive income 1,526,877 2,217,908 Tax at the Singapore tax rate of 17% (2022: 17%) 259,569 377,045 Effect of tax rates in foreign jurisdictions 80,593 106,935 Income already subjected to final tax (48,517) (28,076) Income not subject to taxation – (435) Non-deductible expenses 123,851 125,484 Adjustments in respect of previous years 175,161 319,198 Income tax expense recognised in the consolidated statement of comprehensive income 590,657 900,151 The corporate income tax rates in Indonesia are as follows: (a) 22% effective starting Fiscal Year 2022; and (b) Resident publicly listed companies in Indonesia whose at least 40% or more of the total paid-up shares or other equity instruments are listed for trading in the Indonesia stock exchange and meet certain requirements in accordance with the government regulations, are entitled for 3% reduction of the rates stated in point (a) above. For the financial years ended 31 December 2023 and 2022, the corporate tax rates for companies in Singapore and Indonesia were 17% and 22% (2022:17% and 22%) respectively. A subsidiary in Indonesia applies 19% (2022: 19%) tax rate instead of the normal tax rate of 22% (2022:22%) in computing its income tax expense for the reporting period due to its fulfilment to qualify for a reduced corporate income tax rate. Adjustments in respect of previous years largely related to the change in income tax rates, unrecoverable tax losses as a result of expired tax losses for which deferred tax assets have been recognised and changes in assumptions used in the estimation of future taxable profits. 100 GROUP OVERVIEW OPERATION AND FINANCIAL REVIEW SUSTAINABILITY & GOVERNANCE FINANCIALS OTHER INFORMATION Indofood Agri Resources Ltd
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