Note 3: Tax 2024 2023 US$m US$m a. Income tax expense recognised in the statement of comprehensive income Current tax expense Current year 584 648 Deferred tax expense/(recovery) Origination and reversal of temporary differences 57 (209) Total deferred tax expense/(recovery) 57 (209) Under/(over) provision in prior year 20 (20) Income tax expense 661 419 b. Reconciliation between tax expense and pre-tax net profit Accounting profit before income tax 3,375 2,663 Income tax calculated at 30% (2023: 30%) 1,013 799 Effects of different rates of tax on overseas income (387) (282) Research and development incentives (67) (74) Under/(over) provision in prior year 20 (20) Revaluation of deferred tax balances (3) 23 Other non-deductible expenses/(non-assessable revenue) 85 (27) Income tax expense 661 419 c. Income tax recognised directly in equity Share-based payments — 1 Income tax benefit recognised in equity — 1 d. Deferred tax assets and liabilities Deferred tax assets 911 902 Deferred tax liabilities (1,514) (1,464) Net deferred tax liabilities (603) (562) The composition of the Group’s net deferred tax assets and liabilities are attributable to: Inventories 148 326 Property, plant and equipment (425) (405) Intangible assets (875) (1,006) Trade and other payables 143 124 Recognised carry-forward tax losses 190 213 Retirement liabilities, net 56 41 Receivables and contract assets (5) (3) Interest-bearing liabilities 56 64 Provisions and other liabilities 63 61 Other 46 23 Net deferred tax liabilities (603) (562) e. Movement in net deferred tax liability during the year Opening balance (562) (152) Net deferred tax liabilities recognised on acquisition of CSL Vifor — (658) (Charged)/credited to profit or loss (57) 237 Charged to OCI 16 (17) Credited to equity — 28 Closing balance (603) (562) 117
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