Taxation expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible.
Deferred tax is provided on the investment property fair value gain.
The company's liability for current and deferred tax is based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.