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NOTES TO
FINANCIAL STATEMENTS (CONT’D)
31 March 2015
26 TAXATION (cont’d)
The unabsorbed tax losses and unutilised capital allowances of the subsidiaries are subject to agreement by the
tax authorities and compliance with the tax regulations in the respective countries in which certain subsidiaries
operate. These temporary differences do not expire under current tax legislation.
Group
2015 2014
$’000 $’000
Current tax expense
Current year 355 203
Reconciliation of effective tax 237,277 201,128
Surplus before income tax 40,337 34,192
Income tax using Singapore tax rates of 17% (39,982) (33,989)
Income not subject to tax
355 203
27 COMMITMENTS
Operating lease commitments
The future lease payments contracted at the reporting date but not recognised as liabilities are analysed as
follows:
Group
2015 2014
$’000 $’000
Not later than one year 9,095 7,387
3,608 8,570
Later than one year but not later than five years
The Group and the University Company leases office properties, personal computers, printers and servers under
operating leases. The leases typically run for a period of 1 to 5 years.
76 NTU ANNUAL REPORT 2015
