31. INCOME TAX BENEFIT/ (EXPENSE)
|
|
|
2015 |
|
2016 |
|
2017 |
|
Current income tax expense: |
|
|
|
|
|
|
|
— PRC corporate income tax |
|
(259,758) |
|
(503,233) |
|
(841,069) |
|
Deferred income tax benefit |
|
485,719 |
|
99,061 |
|
198,802 |
|
|
|
225,961 |
|
(404,172) |
|
(642,267) |
In general, the Group’s PRC entities are subject to PRC corporate income tax at the standard rate of 25% (2015:25%, 2016: 25%) on their respective estimated assessable profits for the year. Certain branches and subsidiaries of the Company located in the western regions of the PRC are granted tax concessions including a preferential tax rate of 15% (2015: 15%, 2016: 15%).
A reconciliation of the tax expense applicable to profit before tax at the statutory rates for the countries in which the Company and the majority of its subsidiaries are domiciled to the tax expense at the effective tax rates, and a reconciliation of the applicable rates to the effective tax rates, are as follows:
|
|
|
2015 |
|
2016 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax |
|
121,941 |
|
1,625,545 |
|
3,006,216 |
|
|
Tax expense calculated at the statutory tax rate of 25% (2015 and 2016: 25%) |
|
30,485 |
|
406,386 |
|
751,554 |
|
|
Tax effects of: |
|
|
|
|
|
|
|
|
Preferential income tax rates applicable to certain branches and subsidiaries |
|
21,442 |
|
(3,322) |
|
(287,081) |
|
|
Impact of change in income tax rate |
|
4,538 |
|
5,945 |
|
98,150 |
|
|
Tax losses with no deferred tax assets recognized |
|
445,056 |
|
267,288 |
|
296,728 |
|
|
Deductible temporary differences with no deferred tax assets recognized |
|
241,812 |
|
78,644 |
|
363,809 |
|
|
Utilisation of previously unrecognized tax losses and deductible temporary differences |
|
(358,106) |
|
(203,423) |
|
(258,232) |
|
|
Tax incentive in relation to deduction of certain expenses |
|
(2,502) |
|
(3,769) |
|
(43,846) |
|
|
Non-taxable income |
|
(149,613) |
|
(89,602) |
|
(126,101) |
|
|
Expenses not deductible for tax purposes |
|
30,280 |
|
80,014 |
|
49,636 |
|
|
Write-off of unrecoverable deferred tax assets previously recognized |
|
76,775 |
|
3,315 |
|
49,808 |
|
|
Unrecognized taxable temporary differences relating to equity investments |
|
(351,846) |
|
— |
|
— |
|
|
Recognition of deferred tax assets related to deductible temporary differences and tax losses previously not recognized |
|
(238,728) |
|
(117,513) |
|
(274,726) |
|
|
True-up adjustments in respect of prior year's annual income tax filings and others |
|
24,446 |
|
(19,791) |
|
22,568 |
|
|
Income tax expense |
|
(225,961) |
|
404,172 |
|
642,267 |
|
|
Effective tax rate |
|
(185) |
% |
25 |
% |
21 |
% |
Share of income tax expense of associates and joint ventures of RMB86 million (2015: RMB41 million, 2016: RMB64 million) and RMB11 million (2015: RMB21 million, 2016: RMB22 million) is included in “share of profits and losses of associates" and “share of profits and losses of joint ventures“, respectively.