Page 103 - Continental Reinsurance 2022 Annual Report

Notes to the Consolidated and separate financial statements - continued 101

8 Taxation Group Group Company Company
Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
Per consolidated statement of prot or loss: =N='000 =N='000 =N='000 =N='000
Income tax based on profit for the year 1,281,849 1,190,274
Education tax 244,590 95,662
- 18,840 - 18,840
Deferred tax expense (Note 9.1) 1,281,849 1,209,114 114,502
Income tax expense 244,590
319,842 8,850 184,036 8,850
Per consolidated statement of nancial position: 1,601,691 1,217,964 428,626 123,352
At 1 January
Charged to profit or loss Group Group Company Company
Payments during the year Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021

Reconciliation of tax charge 1,317,178 800,776 536,867 601,185
Profit before income tax 1,281,849 1,209,114 244,590 114,502
Tax at Nigerian's statutory income tax rate of 30% (1,790,538) (692,712) (119,737) (178,820)
1,317,178 661,720 536,867
Non-deductible expenses 808,489
Tax exempt income 6,666,790 4,230,532 1,457,298
Minimum tax 8,436,689 2,000,037 1,269,160 437,189
NITDA levy 2,531,007
Police levy 293,865 371,522 213,989
Education tax levy 819,742 (1,454,991) (2,023,106) (885,584)
Effect of timing difference (2,067,447)
At effective income tax rate of Group 19% (2022:18%) and 75,222 202,073 75,222
Company 10% (2021:8%) 202,073 20,440 42,305 20,440
42,305 212
9 Deferred taxation 212 197 - 197
Deferred income tax (assets)/liabilities are attributable to - 18,840 18,643
the following items: 73,798 264,353 566,458 243,255
Deferred tax liabilities
Property, plant and equipment 1,601,690 1,217,964 428,625 123,352
Investment properties
Employee benefits (183,785) (332,468) 294,735 72,673
Unused tax losses 72,380 38,218 - 3,480
Impairment on reinsurance receivables and other financial 41,912
assets (408,698) - (385,150) (35,159)
Unrealized exchange gain (146,097) (146,097) -
-
Deferred tax assets (343,065) 314,552 (343,065) -
Property, plant and equipment 1,369,063 926,821 246,155
Investment properties 62,214 347,243 287,149
Employee benefits 359,798
Life fund general reserve - - -
Unrealized exchange gain 120,261 - - -
- - - -
Net - - - -
- - -
5,345 - - -
-
62,214 347,243 287,149
125,606

234,192