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OTHERS PRESS METAL ALUMINIUM HOLDINGS BERHAD ("PMAH" OR "THE COMPANY") - NOTICES OF ADDITIONAL ASSESSMENT ISSUED BY INLAND REVENUE BOARD OF MALAYSIA ("IRB") TO PRESS METAL BINTULU SDN BHD

PRESS METAL ALUMINIUM HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
PRESS METAL ALUMINIUM HOLDINGS BERHAD ("PMAH" OR "THE COMPANY")
  - NOTICES OF ADDITIONAL ASSESSMENT ISSUED BY INLAND REVENUE BOARD OF MALAYSIA ("IRB") TO 
    PRESS METAL BINTULU SDN BHD

PMAH wishes to announce that on 25 November 2021, Press Metal Bintulu Sdn Bhd (“PM Bintulu”), a 80%-owned subsidiary of the Company, had received notices of additional assessment dated 25 November 2021 from the IRB for the years of assessment 2014, 2015, 2016, 2017, 2018 and 2019 (collectively referred to as “Notices of Additional Assessment”) amounting in aggregate to RM106,059,655.47 (inclusive of penalties) (“Additional Income Tax Payable”). 


The IRB has imposed the Additional Income Tax Payable based on its view that certain income does not fall under pioneer status exemption approved by Malaysian Investment Development Authority (“MIDA”).

 

Based on legal advice obtained from our tax solicitors, PM Bintulu is of the view that there are reasonable grounds to challenge the Notices of Additional Assessment raised by IRB.

 

The Board of PM Bintulu is currently deliberating on the next course of action. PMAH will make further announcements if there are any material developments in respect of the foregoing.

 

This announcement is dated 26 November 2021.

 






Announcement Info

Company Name PRESS METAL ALUMINIUM HOLDINGS BERHAD
Stock Name PMETAL
Date Announced 26 Nov 2021
Category General Announcement for PLC
Reference Number GA1-25112021-00117




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