INCOME TAX EXPENSE (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAX EXPENSE

Schedule of income tax expense

	December 31, 2018	December 31, 2019	December 31, 2020
	(Restated)	(Restated)
Current income tax expense	759,111	723,062	813,112
Deferred tax benefit	67,255	(94,686)	(230,924)
	826,366	628,376	582,188

Schedule of reconciliation of the tax expense applicable to profit before tax at the statutory rates

	December 31, 2018		December 31, 2019		December 31, 2020
	(Restated)		(Restated)
Profit before income tax	2,272,555		2,118,961		2,155,217
Tax expense calculated at the statutory tax rate of 25% (2019: 25%, 2018: 25%)	568,139		529,740		538,804
Tax effects of:
Preferential income tax rates applicable to certain branches and subsidiaries	(268,665)		(464,912)		(357,016)
Impact of change in income tax rate	23,425		4,594		(52,177)
Tax losses with no deferred tax assets recognized	434,103		588,267		477,876
Deductible temporary differences with no deferred tax assets recognized	384,072		41,695		146,276
Utilization of previously unrecognized tax losses and deductible temporary differences	(52,962)		(18,105)		(73,779)
Tax incentive in relation to deduction of certain expenses	(62,172)		(50,921)		(42,958)
Expenses not deductible for tax purposes	54,959		56,448		52,261
Non-taxable income	(252,500)		(173,686)		—
Write-off of unrecoverable deferred tax assets previously recognized	183,195		187,432		41,757
Profits and losses attributable to joint ventures and associates	40,029		(79,720)		(70,577)
Recognition of deferred tax assets related to deductible temporary differences and tax losses previously not recognized	(233,940)		(3,868)		(61,987)
Adjustments in respect of current income tax of previous periods	8,683		11,412		(16,292)
Income tax expense	826,366		628,376		582,188
Effective tax rate	36	%	30	%	27	%