69 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 37 9 Taxation Taxation comprised the following: 2023 $ 2022 $ Current tax expense 112,234 61,139 Deferred tax (release)/charge (52,284) 26,383 Tax expense 59,950 87,522 The tax on the Group’s profit before taxation differs from the theoretical amount that would arise using the statutory rate of corporation tax as follows: 2023 $ 2022 $ Net income before taxation 7,852,120 11,224,299 Tax calculated at a rate of 5.5% (2022 - 5.50%) 431,867 617,336 Income not subject to tax (372,658) (462,908) Effect of different tax rates (14,534) 337 Deferred tax asset not recognized 95,989 73,380 Items not deductible for tax purposes (116,133) (123,956) Prior years over/(under) provision of taxes 35,419 (8,794) Tax expense 59,950 95,395 Deferred taxation The movement of deferred tax liability is as follows: 2023 $ 2022 $ Beginning of the year 94,459 68,076 Deferred tax (release)/charge (58,284) 26,383 End of year 36,175 94,459 The deferred tax asset not recognised comprises tax losses and accelerated tax depreciation of CAPITA Financial Services Inc. St. Lucia and tax losses of BPW Financial Holdings Inc.
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