192 AL-SALAM REIT 14. Cash and cash equivalents (cont’d.) At the reporting date, the weighted average deposit rate per annum and average remaining maturity period of fixed deposits with licensed banks are as follows: Group Fund 2022 RM 2021 RM 2022 RM 2021 RM Weighted average deposit rate (%) 5.16% 3.41% 4.73% 3.04% Average remaining maturity period 36 45 32 25 The deposits with licensed banks of the Group and of the Fund of RM7,183,000 and RM1,653,000 (2021: RM7,152,000 and RM1,622,000) respectively are placed as reserve for repayment of finance costs on long-term Islamic financing as mentioned in Note 17 and hence, are not available for general use. 15. Deferred tax liability Group and Fund 2022 RM 2021 RM At 1 January 1,228,748 1,245,581 Recognised in profit or loss (Note 7) 585,081 (16,833) At 31 December 1,813,829 1,228,748 The deferred tax liability relates to fair value gain on investment properties which is expected to be recovered through sale. The amount of deferred tax recognised is measured using the tax rates that would apply on the sale of those assets at their carrying values at the reporting date unless the property is held with the objective to consume substantially all the economic benefits embodied in the property over time, rather than through sale. Based on the Finance Act 2019 which was gazetted in December 2019, it was clarified that the RPGT rate of 10% is prescribed for disposal of investment properties held for more than 5 years for a trustee of a trust. NOTES TO THE FINANCIAL STATEMENTS 31 December 2022 (cont’d.)
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