2020 INTEGRATED REPORT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2020 17. DEFERRED TAX Group 2020 2019 R’m R’m Deferred tax assets: Provisions 90 84 Tax losses carried forward 89 87 End of year 179 171 Deferred tax liabilities: Unrealised gains on investments 384 126 Unrealised gains on land and buildings revaluation 10 12 End of year 394 138 Current asset 90 84 Non-current asset 89 87 Non-current liability 394 138 The movement in the deferred tax assets and liabilities during the year is as follows: a. Deferred tax assets on provisions and computed tax losses Group R’m At 1 January 2019 144 Recognised in profit or loss 27 At 31 December 2019 171 Recognised in profit or loss 8 At 31 December 2020 179 The utilisation of the deferred tax asset in respect of the tax losses is dependent on the relevant Group entities making future taxable profits. It is assessed as recoverable based on the probability of the future taxable profits of the entity. 164 | PPS INTEGRATED REPORT 2020