LAPORAN TAHUNAN A N N U A L R E P O R T - Ahp.com.my

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 (CONTD.) 5. GROSS RENTAL INCOME Gross rental income of the Trust consists of the following: AMANAH HARTA TANAH PNB 87 2009 2008 RM RM Rental income 13,662,522 13,384,123 Other real estates income 307,997 312,690 13,970,519 13,696,813 Included in the rental income is an amount of RM705,418 (2008: RM706,268) received from related companies as disclosed in Note 29. 6. REAL ESTATES OPERATING EXPENDITURE Included in the amounts are the following: 2009 2008 RM RM Maintenance, repairs and improvements expenses 926,485 1,074,322 Assessment 898,012 897,777 Quit rent 57,359 59,018 Property Manager’s fee* 133,200 147,993 * The Property Manager, Azmi & Co Building Services Sdn. Bhd. (“ACBS”) (previously Jones Lang Wootton (“JLW”)), is entitled to a property management fee in respect of the maintenance of the real estates owned by the Trust, as provided in the Deed of Trust. The fee is based on a certain graduated scale as provided in the Deed of Trust and as prescribed in the revised Valuers, Appraisers and Estate Agents Act 1981 and its rules. 7. MANAGEMENT FEE The Manager is entitled to a fee not exceeding 2% per annum of the net asset value of the Trust on each day of the accrual period, as defined in the Deed of Trust. The management fee charged for the year ended 31 December 2009 is 1% (2008: 1%) per annum of the daily net asset value of the Trust. No other fee, commission or initial service charges has been paid or is payable to the Manager. 8. TRUSTEE’S FEE The Trustee is entitled to a fee not exceeding 0.1% per annum of the net asset value of the Trust on each day of the accrual period, as defined in the Deed of Trust. The Trustee’s fee charged for the year ended 31 December 2009 is RM130,000 (2008: RM130,000).
Laporan Tahunan 2009 Annual Report 2009 88 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 (CONTD.) 9. BORROWING COSTS Included in the borrowing costs are arrangement fee, stamp duty and legal fee incurred in obtaining the revolving credit-i facility of RM65 million from CIMB Islamic Bank Berhad for financing the proposed upgrading and refurbishment of Plaza VADS. As at 31 December 2009, no drawdown has been made. 10. TAXATION 2009 2008 RM RM Tax expense for the year - - The Trust has been exempted from income tax on all income provided that at least 90% of its total income pursuant to Section 61(A) of the Income Tax Act, 1967 is distributed to the unit holders in the basis period effective from year of assessment 2007. If less than 90% of its total income is distributed, then all the income of the REIT will be subject to tax at 25% (2008: 26%). The amount distributed from the REIT will be grossed up to take into account the underlying tax of the REIT and the unit holder will be taxed on the gross distribution at the relevant tax rates. Such distributions carry a tax credit, which will be available for set-off against the income tax chargeable on the unit holder. There is no tax expense for the current financial year as AHP will distribute its entire total chargeable income to tax for the current year of assessment 2009.The Malaysian tax rate is calculated at the statutory tax rate of 25% (2008: 26%) of the estimated assessable profit for the year. A reconciliation of income tax expense applicable to net income before taxation at the statutory income tax rate to income tax expense at the effective income tax rate of the Trust is as follows: 2009 2008 RM RM Net income before taxation 7,463,580 8,750,629 Taxation at Malaysia statutory tax rate of 25% (2008: 26%) 1,865,895 2,275,164 Effect of income not subject to tax (152,830) (563,982) Effect of expenses not deductible for tax purposes 151,740 191,980 Effect of income distribution exempted from tax at trust level (1,687,027) (1,594,865) Utilisation of current year capital allowances (177,778) (308,297) Tax expense for the year - -
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