Quick take: MMC gains 2.3% after resolving its tax issues with IRB

KUALA LUMPUR: MMC Corp Bhd added 2.3% in early trade Thursday after getting RM20mil tax refund from the Inland Revenue Board (IRB).

The conglomerate rose 2.36%, or three sen to RM1.17. In the past one year, the counter has depreciated some 14%.

MMC announced that it has been refunded by the IRB, the amount of RM20.27mil, and that its additional income tax issues have been resolved.

MMC said following the full receipt of the refund, no penalties have been imposed by the IRB upon the company.

In December 2017, MMC said it received notices of assessment from the IRB pursuant to a tax audit for the assessment years 2011 to 2013, for additional income tax and penalties amounting to RM45.91mil.

Source: TheStar