Lippo Malls REIT (LMIR)

[valuestalker]

Hi any vested interest could shed some lights on below, thanks:

LMIR
FY2012 PBT=182, Tax=33, Tax rate= 18.5%
FY2011 PBT=117, Tax=30, Tax rate= 26.2%

CMT
FY2012 PBT=284, Tax=-2, Tax rate= -1% (over provision)
FY2011 PBT=268, Tax=0, Tax rate= 0%

One of the biggest advantage of REIT is its tax free structure.
But in this case, it seems like NOT the case for LMIR.

Wondering if that is the case for FIRST REIT or other REITS with foreign base assets?