2013 16. Earnings Per Share and Dividends Earnings per share is calculated based on the number of shares outstanding during the years ended December 31, 2013 and 2012 totaling 315 million shares. The earnings per share from non-operating income for the year ended December 31, 2013 amounted to SR 0.80 (2012: SR 0.16). The General Assembly approved in its meeting held on March 30, 2013 the payment of dividends of 10% of the share capital amounting to SR 315 million, representing SR 1 per share for the year 2012. The balance of unclaimed dividends as at December 31, 2013 amounted to SR 32.09 million (2012: SR 30.94 million). On 15 Safar 1435H (corresponding to 18 December 2013), the Board of Directors proposed to distribute cash dividends of 10% of the share capital amounting to SR 315 million, representing SR 1 per share for the year 2013. This is subject to the approval of the shareholders at the Annual General Assembly Meeting. 17. Zakat and Withholding Tax The main components of the zakat base of the Group under zakat and income tax regulations are principally comprised of shareholders’ equity, provisions at the beginning of year, long-term borrowings and adjusted net income, less net book value of fixed assets, investments and certain other items. The zakat expense is charged to the consolidated financial statements. The Company and its subsidiaries file their zakat returns separately. Provision for Zakat and Tax Following is the movement in provision for zakat and tax during the year ended December 31: The National Shipping Company of Saudi Arabia (A Saudi Joint Stock Company) Notes To The Consolidated Financial Statements December 31, 2013 (In Thousands Saudi Riyals) The Company’s Zakat and Tax status The Company has submitted zakat returns for all years up to 2012, and it has submitted the withholding tax returns up to October 2013. The Department of Zakat and Income Tax (“DZIT”) agreed on zakat assessment for all years up to 2000. The Company received an additional zakat and withholding tax assessment for the years 2001 to 2007 amounting to SR 22 million. The Company appealed against these additional assessments and its calculation method to the DZIT. The Company has not received the final zakat assessment for the years from 2008 to 2012.The Company believes that adequate provision is maintained at December 31, 2013 for any potential zakat and withholding tax by the DZIT for the concerned years. Zakat and Tax status for NCC The subsidiary company has submitted the zakat returns for all fiscal years up to 2012 and the withholding tax returns up to November 2013 and paid the zakat and withholding taxes due according to these returns. The subsidiary company received additional zakat and withholding tax assessments for the years 1991 to 2004 amounting to SR 54 million. The subsidiary company filed appeals against some items in these assessments and their treatments. In April 2010, the subsidiary company reached an agreement with the DZIT for a final settlement of the above assessments in the amount of Saudi Riyals 54 million, the subsidiary company paid Saudi Riyals 26 million of this amount due during 2011 and the remaining balance is to be paid in installments over five years starting July 2012 . The subsidiary company has received the zakat returns and tax returns for the years 2005 to 2008. The subsidiary company filed appeals against some items in these assessments and their treatments, the appeal is still pending with the DZIT .The subsidiary company believes that the provision for zakat and withholding tax is sufficient as of 31 December 2013. Zakat and Tax status for Bahri Dry Bulk LLC During 2013, the subsidiary company paid the accrued zakat for the year 2012, and it will submit the zakat and withholding tax returns for the years up to 2013 during 2014. The subsidiary company believes that it maintains an adequate provision for zakat and withholding tax as at December 31, 2013. Chapter 5 Consolidated Financial Statements and Auditor’s Report for the year ended 31 December 2013 2012 Zakat and tax provision at the beginning of the year 118,778 104,576 Zakat provision for the year 43,593 32,945 Withholding tax provision for the year 6,265 3,354 Amounts paid during the year (29,729) (22,097) Zakat and tax provision at the end of the year 138,907 118,778
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