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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2019(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2019 201817. Finance costs $ $Interest on lease liabilities 740 156Other interest and finance costs 523 459 1,263 61518. Taxationa) Taxation expense/(credit) %u2013 Prior year 51 (82)Business and other levies 1,175 1,249Deferred taxation (2,691) 189 (1,465) 1,356b) Reconciliation of tax expense and product of accounting profit multiplied by the applicable tax rate:Loss before taxation (7,105) (962)Income taxes calculated at statutory rates (2,129) (293)Tax exempt income (641) (69)Non allowable expenses and other deductions %u2013 188Prior year under accrual 51 %u2013Business and other levies 1,175 1,249Other permanent differences 79 281 (1,465) 1,356GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019 103