Consolidated Financial Statements
15. Earnings per share and dividends Earnings per share was calculated based on the number of shares outstanding during the years ended December 31, 2010 and 2009 totaling to 315 million shares. The General Assembly on April 03, 2010 approved dividends at the rate of 10% of the share capital equal to SR 315 million at SR 1.0 per share for 2009 and the distribution was completed on April 11, 2010. The balance of unclaimed dividends as of December 31, 2010 amounted to SR 26.9 million (2009: SR 29.19 million). The earning per share from non-operating income is SR 0.23 for 2010 (2009: SR 0.29). The Company finalized its zakat and tax status with the DZIT up to 2000. The Company submitted the zakat returns for all fiscal years from 2001 up to 2009 and paid the zakat due according to these returns. The Company has not received zakat assessments from the DZIT for these years. The Company also has not received the final withholding tax assessments for the years 2001 up to the end of July 2004, the date of enforcement of the new tax law. Since the enforcement of the new tax law, the Company pays regularly the withholding tax on payments to non-resident parties. The Company believes that adequate provision is maintained at December 31, 2010 for any potential zakat and tax claims by DZIT for the concerned years. Zakat and Tax status for the subsidiary (NCC) NCC submitted the zakat returns for all fiscal years up to 2009 and paid the zakat due according to these returns. NCC received additional zakat and withholding tax assessments for the years 1991 to 2004 amounting to SR 59 million. NCC had filed appeals against some items in these assessments and their treatments. In April 2010, NCC reached an agreement for a final settlement of the above assessments in the amount of SR 53 million for the above-mentioned assessment years against which NCC maintains adequate provision for zakat and withholding tax at December 31, 2010. Zakat returns are prepared separately for the Company and NCC. 16. ZAKAT and income tax The Company’s zakat and tax status
The National Shipping Company of Saudi Arabia Annual Report 2010
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