Chapter 3 Financial Statements and Business Results
Installments of Outstanding Murabaha Agreements and Long-term Loans as of December 31, 2013 (SAR 000)
Name of the Company
2014
2015
2016
2017
2018
Total
The National Shipping Co. of Saudi Arabia (Bahri)
343,585
328,943
317,663
416,593 450,857
1,857,641
National Chemical Carriers Ltd. Co. (NCC)
199,954
199,954
199,954
407,329 141,942
1,149,133
Bahri Dry Bulk (BDB)
7,350
29,400
29,400
29,400
29,400
124,950
Mideast Ship Management
13,395
–
–
–
–
13,395
Total
564,284 558,297 547,017 853,322 622,198 3,145,118
Regulatory Payments Zakat and Tax The Company has submitted all Zakat returns till 2012, as well as withholding tax returns till October 2013. Zakat assessments were approved by Department of Zakat and Income Tax (DZIT) for all years till 2000. DZIT conducted the assessment of Zakat, withholding tax from 2001 till 2007, and compelled Bahri to pay additional obligations of SAR 22 million. The Company filed an appeal with DZIT against some items in those assessments and their calculation methods, and the Department has since approved the appeals. The Company has discussed the appeals with the Second Preliminary Committee, and has not received the Zakat assessments for the remaining years from 2008 till 2012. Bahri believes that it has made an adequate provision for Zakat and withholding tax as of 31, December, 2013.
Zakat and Tax Position of Bahri Dry Bulk In 2013, Bahri Dry Bulk paid the due Zakat for 2012, and it will provide its Zakat and withholding tax returns for the years till 2013 during 2014. The subsidiary believes that it has made sufficient provisions for any Zakat or tax claims requested by the DZIT as at 31 December, 2013.
Zakat and Tax Position of NCC National Chemical Carriers (NCC) has
submitted all Zakat returns up until 2012, as well as withholding tax returns until November 2013. NCC paid all Zakat and withholding tax amounts due according to the said returns. It has also received additional assessments of Zakat and tax for the period from 1991 to 2004 amounting to SAR 59 million. However, NCC filed an appeal against the treatment of some items of the said assessments. In April 2010, NCC reached a final settlement with DZIT for those years to pay an amount of SAR 53 million. NCC paid SAR 26 million in 2011, while the remaining amounts are to be paid in installments over five years starting from July 2012. NCC believes that it has made sufficient provisions as of 31 December, 2013 for any zakat or tax claims from DZIT.
Statement of Accrued Regulator Payments as of December 31, 2013
The National Shipping Co. of Saudi Arabia (Bahri)
The National Chemical Carriers Co. Ltd. (NCC)
Details
Bahri Dry Bulk (BDB)
Zakat Provision
25,425,858
14,627,118
3,661,637
–
Tax Provision
127,276
235,844
Social Insurance Provision
165,881
56,299
2,069
50/51
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