NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024 18. Deferred tax (cont’d) Deferred tax assets and liabilities cover the future tax consequences attributable to differences between the financial and tax reporting bases of assets and liabilities and the benefits of tax losses carry forward. As at 31 December 2024, the Company recognised deferred tax liabilities of Rp18.7 billion (2023: Rp27.6 billion) in respect of unremitted foreign interest income arising from cash at banks, short-term deposits and shareholder loan to a subsidiary. Pillar Two Income Taxes As disclosed in Note 2.26, the Group has applied the exception to the recognition and disclosure of deferred taxes related to the Pillar Two income taxes. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. Deferred tax income or expense recognised in consolidated statement of comprehensive income: Group 2024 2023 Rp million Rp million Deferred income tax movements: Property, plant and equipment and biological assets 76,634 (30,032) Adjustments of EIR amortisation of plasma receivables (2,140) (14,578) Changes in allowance of decline in market value and obsolescence of inventories 4,079 16,110 Employee benefits liabilities (16,986) 58,614 Deferred inter-company losses (30,665) 9,474 Changes in provision for employee benefits expense 7,507 (1,999) Tax losses carry forward 18,223 55,482 Impairment loss of property, plant and equipment (65,156) (33,507) Others 25,196 23,787 Net deferred tax expense reported in the consolidated statement of comprehensive income (Note 11) 16,692 83,351 Group Overview Financials Other information Sustainability and Governance Operation and Financial Review Indofood Agri Resources Ltd. 118
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