Page 242 - Pakistan Oilfield Limited - Annual Report 2022

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PAKISTAN OILFIELDS LIMITED

Notes to and Forming Part of the -
Consolidated Financial Statements

For the year ended June 30, 2022

33. SHARE OF PROFITS OF ASSOCIATED COMPANIES
Share of profits of associated companies is net of taxation and based on the audited financial
statements of the associated companies for the year ended June 30, 2022.
2022 2021
Rupees ('000)
34. PROVISION FOR TAXATION

Current
- for the year 10,791,314 7,612,396
- for prior year 427 2,464
10,791,741 7,614,860

Deferred - for the year 558,639 42,575
11,350,380 7,657,435

34.1 Reconciliation of tax charge for the year
Accounting profit - before taxation 38,126,994 23,059,685

* Tax at applicable tax rate of 44.37% (2021: 48.60% ) 16,916,947 11,207,007

Tax effect of depletion allowance, royalty payments
and amounts not taxable or taxed at lower rates (8,510,555) (3,794,006)

Impact of super tax 2,386,544 -
Tax effect of change in applicable rate in respect
of deferred tax 432,063 -
Others 125,381 244,434

Tax charge for the year 11,350,380 7,657,435
* The applicable tax rate is the weighted average of tax rates applicable to income from oil and gas
concessions and income from other activities.
35. OPERATING SEGMENTS

The financial statements have been prepared on the basis of a single reportable segment. Revenue
from external customers for products of the Group is disclosed in note 25.
Revenue from two major customers of the Company constitutes 75% of the total revenue during
the year ended June 30, 2022 (June 30, 2021: 67%).