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Tycoons Worldwide Group (Thailand) Plc.
4.10 Employee benefits
Short-term employee benefits
Salaries, wages, bonuses and contributions to the social security fund are recognised as
expenses when incurred.
Post-employment benefits
Defined contribution plans
The Group and its employees have jointly established a provident fund. The fund is monthly
contributed by employees and by the Group. The fund’s assets are held in a separate trust fund
and the Group’s contributions are recognised as expenses when incurred.
Defined benefit plans
The Group has obligations in respect of the severance payments it must make to employees
upon retirement under labor law. The Group treats these severance payment obligations as a
defined benefit plan.
The obligation under the defined benefit plan is determined by a professionally qualified
independent actuary based on actuarial techniques, using the projected unit credit method.
Actuarial gains and losses arising from post-employment benefits are recognised immediately
in other comprehensive income.
4.11 Provisions
Provisions are recognised when the Group has a present obligation as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation, and a reliable estimate can be made of the amount of the
obligation.
4.12 Income tax
Income tax expense represents the sum of corporate income tax currently payable and
deferred tax.
Current tax
Current income tax is provided in the accounts at the amount expected to be paid to the
taxation authorities, based on taxable profits determined in accordance with tax legislation.
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