AL-SALAM REIT ANNUAL REPORT 2020

137 ANNUAL REPORT 2020 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CONT’D) 5. OTHER INCOME Group Fund 2020 2019 2020 2019 RM RM RM RM Timing of revenue recognition: At a point in time Parking income 2,055,216 2,802,648 2,055,216 2,802,648 Event and advertising income 1,693,134 3,567,623 1,693,134 3,567,623 3,748,350 6,370,271 3,748,350 6,370,271 6. INVESTMENT INCOME Group Fund 2020 2019 2020 2019 RM RM RM RM Income from Islamic deposit placements 451,867 1,067,052 451,867 1,067,052 7. TAX Group Fund 2020 2019 2020 2019 RM RM RM RM Deferred tax relating to the origination and reversal of temporary differences (Note 15) 1,245,581 - 1,245,581 - Pursuant to Section 61A of the Malaysian Income Tax Act, 1967 (“Act”), income of the Fund will be exempted from tax provided that at least 90% of its total taxable income (as defined in the Act) is distributed to the unitholders’ in the basis period of the Fund for that year of assessment within two months after the close of the financial year. If the 90% distribution condition is not complied with or the 90% distribution is not made within two months after the close of the financial year which forms the basis period for a year of assessment, the Fund will be subject to income tax at the prevailing statutory rate on its total taxable income. Income which has been taxed at the Fund’s level will have tax credits attached when subsequently distributed to unitholders. 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 2020 accordingly. No provision for income tax expense has been made for the year.