9. Taxation (cont’d.) The Government had proposed to reduce the exemption for the shipping sector provided under Section 54A of the Income Tax Act, 1967 (“the Act”) from 100% to 70% of statutory income effective from Year of Assessment (“YA”) 2012. Subsequently in December 2015, the Government has decided to defer the implementation of the above proposal to YA2020. 10. Earnings per share Basic earnings per share are calculated by dividing profit for the year attributable to ordinary equity holders of the Corporation by the weighted average number of ordinary shares in issue during the financial year. The Group does not have any financial instrument which may dilute its basic earnings per share. Group 2016 2015 Profit after taxation attributable to equity holders of the Corporation (RM’000) 2,581,550 2,467,780 Number of ordinary shares in issue (’000) 4,463,794 4,463,794 Weighted average number of ordinary shares in issue (’000) 4,463,794 4,463,794 Basic earnings per share (sen) 57.8 55.3 Diluted earnings per share (sen) 57.8 55.3 MISC BERHAD • Annual Report 2016 212 notes to the financial statements - 31 december 2016
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