PPS Integrated Report 2021 175 | Notes to the Consolidated Financial Statements 18. DEFERRED TAX Group 2021 2020 R’m R’m Deferred tax assets: Provisions 97 90 Tax losses carried forward 95 89 End of year 192 179 Deferred tax liabilities: Unrealised gains on investments 791 384 Unrealised gains on land and buildings revaluation 7 10 End of year 798 394 Current asset 97 90 Non-current asset 95 89 Non-current liability 798 394 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 2020 171 Recognised in profit or loss 8 At 31 December 2020 179 Recognised in profit or loss 13 At 31 December 2021 192 The utilisation of the deferred tax asset in respect of the tax losses is dependent on the relevant Group entities making future taxable profits. The deferred tax asset is assessed as recoverable based on the probability of the future taxable profits of the entity. b. Deferred tax liabilities Group Deferred tax liability on revaluation of investments Deferred tax liability on cumulative revaluation of land and buildings Total R’m R’m R’m At 1 January 2020 126 12 138 Recognised in profit or loss 258 – 258 Recognised directly in equity – (2) (2) At 31 December 2020 384 10 394 Recognised in profit or loss 407 – 407 Recognised directly in equity – (3) (3) At 31 December 2021 791 7 798
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