27.4 33.4 770.0 1,791.2 381.0 894.1 The analysis of the tax expense is as follows: Current tax: - Current financial year 599.4 1,469.2 352.8 674.2 - Over accrual in prior financial years (27.2) (34.7) (34.9) (32.4) 572.2 1,434.5 317.9 641.8 Deferred tax: - Origination and reversal of temporary differences (Note 12) 158.9 322.2 35.7 218.9 731.1 1,756.7 353.6 860.7 The explanation of the relationship between tax expense and profit before taxation and zakat is as follows: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Profit before taxation and zakat 3,373.6 5,348.6 3,336.0 3,319.9 TaxcalculatedattheMalaysiancorporateincometaxrateof24% (2022:24%)809.71,283.7800.6796.8 Tax effects of: - Share of results of associates and joint ventures (15.0) (23.4) 0 0 - Income not subject to tax (266.3) (308.1) (210.7) (238.4) - Expenses not deductible for taxpurposes 943.4 1,185.7 545.2 784.3 - Expenses qualifying for double deduction (4.9) (15.2) (2.6) (14.8) - Current financial year unrecognised temporary differences and unused tax losses, and reinvestment allowance 31.5 2.5 29.7 0 - Foreign jurisdictions (3.6) 1.4 0 0 Over accrual of tax in prior financial years (27.2) (34.7) (34.9) (32.4) Recognition and utilisation of previously unrecognised temporary differences (129.2) (63.8) (169.5) 0 Zakat 38.9 34.5 27.4 33.4 Utilisation of reinvestment allowance* (607.3) (612.2) (604.2) (612.2) Prosperity Tax# 0 340.8 0 177.4 Tax and zakat charge 770.0 1,791.2 381.0 894.1 Average effective tax rate (%) 22.8 33.5 11.4 26.9 * The reinvestment allowance incentive was enacted by the Government through the Finance Act 2020 for YA 2020 to YA 2022 and subsequently extended to YA 2024 under the Finance Act 2021. # Prosperity Tax is a one-off imposed by the Government for Year Assessment 2022. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 295 38 TAXATION AND ZAKAT (CONTINUED) The tax charge relating to components of OCI is as follows: 2023 2022 Before tax RM’million Tax charged