180 AL-SALAM REIT 5. Other income Group Fund 2022 RM 2021 RM 2022 RM 2021 RM Timing of revenue recognition: At a point in time Parking income 2,304,751 1,499,953 2,304,751 1,499,953 Event and advertising income 1,594,164 1,044,910 1,594,164 1,044,910 3,898,915 2,544,863 3,898,915 2,544,863 6. Investment income Group Fund 2022 RM 2021 RM 2022 RM 2021 RM Income from Islamic deposit placements 511,630 329,773 511,630 329,773 7. Tax (expense)/credit Group Fund 2022 RM 2021 RM 2022 RM 2021 RM Deferred tax relating to the origination and reversal of temporary differences (Note 15) (585,081) 16,833 (585,081) 16,833 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 2022 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 Al-Salām REIT at 10% which reflects the expected manner of recovery of the investment properties, i.e. recovered through sale. NOTES TO THE FINANCIAL STATEMENTS 31 December 2022 (cont’d.)
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