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MATERIAL LITIGATION NOTICES OF APPEAL AGAINST ADDITIONAL ASSESSMENT FROM THE INLAND REVENUE BOARD OF MALAYSIA ("IRB") TO JOHOR PORT BERHAD ("JPB"), A WHOLLY-OWNED SUBSIDIARY OF MMC CORPORATION BERHAD ("MMC")

MMC CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
NOTICES OF APPEAL AGAINST ADDITIONAL ASSESSMENT FROM THE INLAND REVENUE BOARD OF MALAYSIA ("IRB") TO JOHOR PORT BERHAD ("JPB"), A WHOLLY-OWNED SUBSIDIARY OF MMC CORPORATION BERHAD ("MMC")

MMC wishes to announce that today, JPB filed Notices of Appeal to the Special Commissioners of Income Tax pursuant to Section 99 (1) of the Income Tax Act 1967, to appeal against Notices of Additional Assessment from the IRB issued for the years of assessment 2016 to 2018 (“Notices of Additional Assessment”) for additional income tax and penalties in the sum of RM39,321,927.66 (“Additional Income Tax”). The Additional Income Tax has been imposed by the IRB as the IRB has taken the view that JPB has made income tax exemption claims which exceeded the allowable amount.

Upon consulting its tax counsel and solicitors, JPB is of the view that there are reasonable grounds to challenge the Notices of Additional Assessment raised by the IRB.

JPB intends to take all steps necessary to challenge the disputed Notices of Additional Assessment and its purported liability for the Additional Income Tax.

The Additional Income Tax is not expected to have any material impact on the net assets or gearing of the MMC Group for the financial year ending 31 December 2021.

MMC will make further announcements if there are any material developments in respect of the foregoing.

The announcement is dated 11 February 2021.






Announcement Info

Company Name MMC CORPORATION BERHAD
Stock Name MMCCORP
Date Announced 11 Feb 2021
Category General Announcement for PLC
Reference Number GA1-11022021-00035




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