MKH BERHAD | ANNUAL REPORT 2023 183 8. TAX EXPENSE (CONT’D) Tax Assessments YA2019 On 7 January 2021, PT Maju Kalimantan Hadapan (“PTMKH”), a subsidiary of the Company, received a Notice of Tax Overpaid Assessment from the Indonesia’s Director General of Tax (“DGT”) amounting to IDR29,816 million, equivalent to RM8.68 million for the year of assessment 2019. On 1 April 2021, PTMKH filed an objection letter in reply to the above Notice of Tax Overpaid Assessment, as management are of the opinion, PTMKH should have tax refund amounting to IDR35,281 million, equivalent to RM10.27 million. DGT has restricted the claim on management fee incurred by PTMKH amounted to IDR21,855 million, equivalent to RM6.37 million which resulted in additional tax liability of IDR5,464 million, equal to RM1.59 million. On 24 December 2021, the objection letter has been rejected by tax appeal office in Balikpapan, Indonesia. On 18 March 2022, PTMKH filed an appeal to tax court in Jakarta, Indonesia. On 24 August 2022, PTMKH received a notice of tax hearing from Jakarta’s tax court to attend the said tax appeal on 7 September 2022. The Jakarta’s tax court had requested PTMKH to provide additional analysis and summary report for the tax assessment during the tax hearing on 7 September 2022, 5 October 2022, 9 November 2022, 7 December 2022, 25 January 2023, 22 February 2023, 29 March 2023 and 17 May 2023. As at to date, the Jakarta’s tax court has yet to make a conclusion on PTMKH appeal to the abovementioned. Based on consultation with the local tax experts, the directors of PTMKH are of the opinion that PTMKH has a valid defence against DGT’s assessment. Accordingly, PTMKH has not made any adjustments in respect of the tax assessment in the financial statements of the Group and PTMKH. 9. EARNINGS AND NET ASSETS PER SHARE Basic earnings per share The basic earnings per share is calculated by dividing the Group’s profit attributable to owners of the parent by the weighted average number of ordinary shares in issue during the financial year. Basic earnings per share are calculated as follows: The Group 2023 2022 RM RM Profit attributable to owners of the parent 74,595,551 112,413,305 Weighted average number of ordinary shares in issue 586,548,168 586,548,168 Adjusted weighted average number of treasury shares (9,132,300) (9,132,300) Weighted average number of ordinary shares in issue 577,415,868 577,415,868 Basic earnings per share (sen) 12.92 19.47 Diluted earnings per share The basic and diluted earnings per share are the same as the Group has no potential dilutive equity instruments. Net assets per share The net assets per share is calculated by dividing the total equity attributable to owners of the parent by the number of ordinary shares in issue, net of treasury shares at the reporting date as disclosed in Note 28. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
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