Yinson Annual Report 2020

248 Notes to the financial statements (cont’d) For the financial year ended 31 January 2020 Yinson Holdings Berhad SECTION 7 ACCOUNTABILITY 13. Income tax expense (CONTINUED) Reconciliation between tax expense and accounting profit: (continued) The reconciliation between tax expense and the product of accounting profit multiplied by the applicable tax rates for the financial years ended 31 January 2020 and 2019 are as follows: (continued) Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Perpetual securities distribution and expenses (16,015) (14,831) - - Under/(over) provision of tax expense in prior years 259 1,986 (8) (140) Income tax expense recognised in profit or loss 69,821 79,482 916 335 Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2019: 24%) of the estimated assessable profit for the financial year. Taxation for other jurisdictions are calculated at the rates prevailing in the respective jurisdictions. The above reconciliation is prepared by aggregating separate reconciliations for each national jurisdiction. 14. Earnings per share (a) Basic Basic earnings per share amounts are calculated by dividing profit attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial year excluding ordinary shares purchased by the Company and held as treasury shares (Note 28). Group 2020 2019 Profit attributable to owners of the Company used in the computation of basic earnings per share (RM’000) 209,909 234,896 Weighted average number of ordinary shares for computation of basic earnings per share (‘000) 1,091,160 1,095,957 Basic earnings per share (sen) 19.2 21.4 The weighted average number of shares takes into account the weighted average effect of changes in ordinary shares transactions during the financial year.