Notes to the Condensed Interim Financial Statements 9. Taxation Six months ended Year ended 30th June 31st December 2024 2023 2023 HK$M HK$M HK$M Current taxation Hong Kong profits tax 248 280 494 Outside Hong Kong 422 330 665 Under/(Over)-provisions in prior years 4 7 (28) 674 617 1,131 Deferred taxation (note 23) Change in fair value of investment properties 397 88 106 Origination and reversal of temporary differences 137 249 380 534 337 486 1,208 954 1,617 Hong Kong profits tax is calculated at 16.5% (2023: 16.5%) on the estimated assessable profits for the period. Tax outside Hong Kong 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 2024 of HK$113 million (30th June 2023: HK$144 million; year ended 31st December 2023: HK$241 million) and share of associated companies’ tax credit for the six months ended 30th June 2024 of HK$1 million (30th June 2023: nil; year ended 31st December 2023: tax credit of HK$149 million) are included in the share of results of joint venture and associated companies shown in the consolidated statement of profit or loss. 10. Dividends Six months ended Year ended 30th June 31st December 2024 2023 2023 HK$M HK$M HK$M First interim dividend declared on 8th August 2024 of HK$0.34 per share (2023 first interim dividend paid on 12th October 2023: HK$0.33) 1,989 1,931 1,931 Second interim dividend paid on 2nd May 2024 of HK$0.72 per share – – 4,212 1,989 1,931 6,143 The first interim dividend is not accounted for in the condensed interim financial statements because it had not been declared at the period end date. The Directors have declared a first interim dividend of HK$0.34 (2023: HK$0.33) per share for the year ending 31st December 2024. The first interim dividend, which totals HK$1,989 million (2023: HK$1,931 million), will be paid on Wednesday, 9th October 2024 to shareholders registered at the close of business on the record date, being Friday, 6th September 2024. Shares of the Company will be traded ex-dividend as from Wednesday, 4th September 2024. 64 Swire Properties Limited Interim Report 2024