LAPORAN TAHUNAN A N N U A L R E P O R T - Ahp.com.my
LAPORAN TAHUNAN A N N U A L R E P O R T - Ahp.com.my
LAPORAN TAHUNAN A N N U A L R E P O R T - Ahp.com.my
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Laporan Tahunan 2009<br />
Annual Report 2009 88<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 31 DECEMBER 2009 (CONTD.)<br />
9. BORROWING COSTS<br />
Included in the borrowing costs are arrangement fee, stamp duty and legal fee incurred in obtaining the revolving credit-i<br />
facility of RM65 million from CIMB Islamic Bank Berhad for financing the proposed upgrading and refurbishment of Plaza<br />
VADS. As at 31 December 2009, no drawdown has been made.<br />
10. TAXATION<br />
2009 2008<br />
RM RM<br />
Tax expense for the year - -<br />
The Trust has been exempted from in<strong>com</strong>e tax on all in<strong>com</strong>e provided that at least 90% of its total in<strong>com</strong>e pursuant<br />
to Section 61(A) of the In<strong>com</strong>e Tax Act, 1967 is distributed to the unit holders in the basis period effective from year of<br />
assessment 2007.<br />
If less than 90% of its total in<strong>com</strong>e is distributed, then all the in<strong>com</strong>e of the REIT will be subject to tax at 25% (2008: 26%).<br />
The amount distributed from the REIT will be grossed up to take into account the underlying tax of the REIT and the unit<br />
holder will be taxed on the gross distribution at the relevant tax rates. Such distributions carry a tax credit, which will be<br />
available for set-off against the in<strong>com</strong>e tax chargeable on the unit holder.<br />
There is no tax expense for the current financial year as AHP will distribute its entire total chargeable in<strong>com</strong>e to tax for the<br />
current year of assessment 2009.The Malaysian tax rate is calculated at the statutory tax rate of 25% (2008: 26%) of the<br />
estimated assessable profit for the year.<br />
A reconciliation of in<strong>com</strong>e tax expense applicable to net in<strong>com</strong>e before taxation at the statutory in<strong>com</strong>e tax rate to in<strong>com</strong>e<br />
tax expense at the effective in<strong>com</strong>e tax rate of the Trust is as follows:<br />
2009 2008<br />
RM RM<br />
Net in<strong>com</strong>e before taxation 7,463,580 8,750,629<br />
Taxation at Malaysia statutory tax rate of 25% (2008: 26%) 1,865,895 2,275,164<br />
Effect of in<strong>com</strong>e not subject to tax (152,830) (563,982)<br />
Effect of expenses not deductible for tax purposes 151,740 191,980<br />
Effect of in<strong>com</strong>e distribution exempted from tax at trust level (1,687,027) (1,594,865)<br />
Utilisation of current year capital allowances (177,778) (308,297)<br />
Tax expense for the year - -