181 ANNUAL REPORT 2022 7. Tax (expense)/credit (cont’d.) Reconciliation of the tax (expense)/credit is as follows: Group Fund 2022 RM 2021 RM 2022 RM 2021 RM Profit before tax 66,001,130 3,187,189 65,731,806 2,113,933 Tax at the statutory tax rate of 24% (2021: 24%) 15,840,271 764,925 15,775,633 507,344 Expenses not deductible for tax purposes 334,855 4,043,762 429,192 4,015,530 Income not subject to tax (16,175,126) (4,808,687) (16,204,825) (4,522,874) Deferred tax recognised at different tax rate (585,081) 16,833 (585,081) 16,833 (585,081) 16,833 (585,081) 16,833 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, distributions to unitholders (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 distributions in their normal corporate tax return and subject to the normal corporate tax rate of 24%. 8. Earnings per unit The gross and net earnings per unit, which are calculated based on the profit before tax and profit for the financial year of the Group and of the Fund, respectively, divided by the weighted average number of units in circulation as of 31 December 2022, are as follows: Group 2022 RM 2021 RM Earnings attributable to unitholders: Profit before tax 66,001,130 3,187,189 Profit for the year 65,416,049 3,204,022 Number of units 580,000,000 580,000,000 Gross earnings per unit (sen) 11.38 0.55 Net earnings per unit (sen) 11.28 0.55 NOTES TO THE FINANCIAL STATEMENTS 31 December 2022 (cont’d.)
RkJQdWJsaXNoZXIy NDgzMzc=