Notes to the Condensed Interim Financial Statements 8. Net Finance Charges Refer to the table with the heading “Financial Information Reviewed by Auditors” on page 49 for details of the Group’s net finance charges. 9. Taxation Six months ended Year ended 30th June 31st December 2023 2022 2022 HK$M HK$M HK$M Restated Current taxation Hong Kong profits tax 280 294 401 Overseas tax 330 328 590 Under/(Over)-provisions in prior years 7 (3) (5) 617 619 986 Deferred taxation (note 23) Change in fair value of investment properties 88 (33) 472 Origination and reversal of temporary differences 249 243 598 Effect of change in tax rate in the U.S.A. – (3) 9 337 207 1,079 954 826 2,065 Hong Kong profits tax is calculated at 16.5% (2022: 16.5%) on the estimated assessable profits for the period. Overseas tax is calculated at tax rates applicable in jurisdictions in which the Group is assessable for tax. The Group’s share of joint venture companies’ tax charges for the six months ended 30th June 2023 of HK$144 million (30th June 2022 (Restated): HK$169 million; year ended 31st December 2022: HK$526 million) and share of associated companies’ tax charges for the six months ended 30th June 2023 of nil (30th June 2022: HK$5 million; year ended 31st December 2022: HK$40 million), which are included in the share of profit less losses of joint venture and associated companies shown in the consolidated statement of profit or loss. 64 Swire Properties Limited Interim Report 2023