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Hello Mike !
**Zakat is a religious tax.
I saw an annual report the other day (uploaded in documents). In statement of comprehensive income, the minority interest was deducted from profit after zakat** & income tax to come to net profit.
Whereas what we have been doing in F7, we stop at profit after tax. And then calculate the Profit attributable to Group and NCI.
Although the dividends will be proposed from the profit attributable to Group, but what about the presentation of NCI (in the annual report I have uploaded). Wouldn’t it be wrong (from presentation perspective) to deduct it from profit after zakat & income tax ?
Thank you
Hi
According to my best understanding (!) statement of Income finishes at the line “Profit after tax” and presumably also therefore after Zakat.
The amount attributable to the nci is shown as a movement within SoCiEty ( reduce retained earnings and increase amount attributable to nci.
Does your local set of fin stats say that they comply with IFRS? And what’s the year end – it could be that IFRS is not yet applicable in that country.
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