NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2023 7. Tax credit (Cont’d) Pursuant to the Section 61A of the Income Tax Act 1967 (ITA), where 90% or more of the total income of the unit trust is distributed to the unitholders, the total income of the unit trust for that year of assessment shall be exempted from tax. The Manager also expects to distribute the net income within two months from the end of each financial year and accordingly, no estimated current tax payable is required to be provided in the financial statements. As at the date of this financial statements, the Fund has declared more than 90% of its distributable income to unitholders for the financial year ended 31 December 2023 accordingly. No provision for income tax expense has been made for the year. Deferred tax liability has been provided for the investment properties held by the Fund at 10% which reflects the expected manner of recovery of the investment properties, i.e. recovered through sale. Taxation of the Unitholders Pursuant to Section 109D(2) of the Malaysian Income Tax Act 1967, where 90% or more of the Real Estate Investment Trust’s (“REIT”) total taxable income is distributed by the REIT, income distributions (other than resident corporate investors) will be subject to tax based on a withholding tax mechanism at the following rates: Unitholders Tax rate Individuals and all other non-corporate investors such as institutional investors 10% Non-resident corporate investors 24% Resident corporate investors are required to report the income distributions in their normal corporate tax return and subject to the normal corporate tax rate of 24% (2022: 24%). 8. Earnings per unit The earnings per unit which are calculated based on the profit for the year of the Group, divided by the weighted average number of units in circulation as of 31 December 2023 and 2022, are as follows: Group 2023 2022 RM RM Earnings attributable to unitholders Profit for the year 60,694,173 60,138,859 Weighted average number of units 814,778,011 736,265,919 Earnings per unit (sen) 7.45 8.17 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2023 FINANCIAL STATEMENTS 1 2 3 4 5 201
RkJQdWJsaXNoZXIy NDgzMzc=