Megachem Limited Annual Report 2015 92 Notes to the Financial Statements 31 December 2015 2. Significant accounting policies and other explanatory information (cont’d) 2B. Critical judgements, assumptions and estimation uncertainties (cont’d) Income tax expense: The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the capital allowances and deductibility of certain expenses during the estimation of the provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues if any based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred income tax provisions in the period in which such determination is made. 3. Revenue and other income Group 2015 2014 $ $ Sale of goods 107,207,740 112,766,766 Rendering of services 3,352,527 3,157,503 Total sales 110,560,267 115,924,269 Other income - Bad trade receivables recovered 70,198 63,382 - Changes in fair value of financial assets at fair value through profit or loss 42,176 107,040 - Dividend income from quoted corporations 2,137 516 - Gain on disposal of property, plant and equipment – 5,167 - Government grant 92,262 40,653 - Interest income – banks 64,948 42,105 - Management fees – 4,659 - Net foreign exchange translation gain – 189,580 - Rental income 16,449 17,111 Other income 288,170 470,213 Total sales and other income 110,848,437 116,394,482
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