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98 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2020 FINANCIALS 2020GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2020(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2020 201917. Finance costs $ $Interest on lease liabilities 612 740Other interest and finance costs 398 523 1,010 1,26319. Dividends6% cumulative participating preference shares%u2013 final 2019 %u2013 2% (2018: 4%) 29 58%u2013 interim 2020 %u2013 3% (2019: 4%) 44 59 73 11718. Taxationa. Taxation expense %u2013 Prior year 42 51Business and other levies 358 1,175Corporation tax 1,208 %u2013Deferred taxation (Note 9) 698 (2,691) 2,306 (1,465)b. Reconciliation of tax expense and product of accounting profit multiplied by the applicable tax rate:Profit/(loss) before taxation 6,999 (7,105)Income taxes calculated at statutory rates 2,099 (2,129)Tax exempt income (164) (641)Prior year under accrual 42 51Business and other levies 358 1,175Other permanent differences (29) 79 2,306 (1,465)During the year ended 31 December 2020, dividends of 5% on preference shares (amounting to $73 thousand) were declared and paid.