Quick take: Aeon Credit falls 1% over unpaid taxes

KUALA LUMPUR: Aeon Credit Service (M) Bhd fell 1% in early trade Wednesday after the government sued the company over unpaid taxes for seven years.

The non-bank financial services provider, one of the top losers on Bursa Malaysia, shed 0.95%, or 16 sen to RM16.62.

The government is suing Aeon Credit over unpaid taxes for seven years of assessment from 2010 to 2016.

The company said the matter had been fixed for case management at the High Court on July 23, 2019.

“Upon consulting its tax solicitors, the company maintains its stance that there is a good basis in law to challenge the validity of the taxes and penalties demanded by the director-general of the Inland Revenue Board and also the civil proceedings commenced against the company.

“This is especially when at all material times, the company had sought professional advice from an independent and reputable firm of tax consultants on its tax treatment and that the notices of additional assessment for the years of assessment 2010 and 2011 are time barred,” it said.

Source: TheStar