NOTES TO THE FINANCIAL STATEMENTS 11. Taxation (continued) The tax charge on the Group’s profit before taxation differs from the theoretical amount that would arise using the Hong Kong profits tax rate of the Company as follows: 2022 2021 HK$M HK$M Restated Profit before taxation 10,292 9,243 Calculated at a tax rate of 16.5% (2021: 16.5%) 1,698 1,525 Share of results of joint venture and associated companies (240) (295) Effect of different tax rates in other countries 350 377 Effect of change in tax rate in the U.S.A. 9 – Fair value losses on investment properties 189 595 Income not subject to tax (107) (278) Expenses not deductible for tax purposes 95 20 Unused tax losses not recognised 39 59 Utilisation of previously unrecognised tax losses (3) (80) Recognition of previously unrecognised tax losses (6) (53) Withholding tax 46 90 (Over)/Under-provisions in prior years (5) 4 Tax charge 2,065 1,964 The Group’s share of joint venture companies’ tax charges of HK$526 million (2021 (Restated): HK$537 million) and share of associated companies’ tax charges of HK$40 million (2021: tax credits of HK$14 million) respectively are included in the share of results of joint venture and associated companies shown in the consolidated statement of profit or loss. 12. Profit Attributable to the Company’s Shareholders Of the profit attributable to the Company’s shareholders, HK$25,282 million (2021: HK$5,629 million) is dealt with in the financial statements of the Company. 13. Dividends Accounting Policy Dividend distributions to the Company’s shareholders are recognised as a liability in the Group’s financial statements in the period in which the dividends are approved by the Company’s shareholders or declared by the Company’s Directors, where appropriate. 2022 2021 HK$M HK$M First interim dividend paid on 6th October 2022 of HK$0.32 per share (2021: HK$0.31) 1,872 1,814 Second interim dividend declared on 9th March 2023 of HK$0.68 per share (2021: HK$0.64) 3,978 3,744 5,850 5,558 The second interim dividend is not accounted for in 2022 because it had not been declared or approved at the year-end date. The actual amount payable in respect of 2022 will be accounted for as an appropriation of the revenue reserve in the year ending 31st December 2023 when declared. 154