Megachem Limited Annual Report 2015 95 Notes to the Financial Statements 31 December 2015 7. Income tax expense (cont’d) 7C. Deferred tax balance in the statement of financial position: Deferred tax liabilities The deferred tax amounts and movements during the year are as follows: Group 2015 2014 $ $ Deferred tax liabilities: Excess of net book value of plant and equipment over tax values 211,298 198,269 Deferred tax assets: Provisions (211,298) (177,210) Total deferred tax liability – 21,059 Company 2015 2014 $ $ Deferred tax liabilities: Excess of net book value of plant and equipment over tax values 190,915 188,935 Deferred tax assets: Provisions (190,915) (168,935) Total deferred tax liability – 20,000 It is impracticable to estimate the amount expected to be settled or used within one year. Deferred income tax assets are recognised for tax losses carried forward to the extent that realisation of the related tax benefits through future taxable profits is probable. The Group has unrecognised tax losses and capital allowances of $3,273,000 and $4,974,000 (2014: $2,942,000 and $4,074,000) respectively which can be carried forward and used to offset against future taxable income subject to meeting certain statutory requirements by those companies with unrecognised tax losses and capital allowances in their respective countries of incorporation. These tax losses have no expiry date except for $1,234,000 which will expire between 2017 to 2022. Unutilised capital allowances do not have expiry dates. 8. Dividends Group and Company 2015 2014 $ $ Final tax exempt dividend paid of 0.7 cents (2014: tax exempt 0.7 cents) per share in respect of the previous reporting year 933,100 933,100 Interim tax exempt dividend paid of 0.3 cents (2014: tax exempt 0.3 cents) per share in respect of current reporting year 399,900 399,900 Total dividends paid in the year 1,333,000 1,333,000
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