MMC receivesRM20mil refund from IRB

PETALING JAYA: MMC Corp Bhd has received a refund of RM20.27mil from the Inland Revenue Board (IRB).

In the company’s filing with Bursa Malaysia, the conglomerate said all matters relating to its additional income tax issues had been resolved following the refund, and no penalties had been imposed on the group.

MMC shares closed unchanged at RM1.14 yesterday.

MMC in December 2017 had announced that it had received notices of assessment from the IRB pursuant to a tax audit for the assessment years 2011 to 2013, as well as for additional income tax and penalties amounting to RM45.91mil.

It then noted that IRB was of the view that interest expenses relating to certain investments did not qualify for tax deduction.

MMC had subsequently made a full payment of the additional income tax on a without-prejudice basis to the IRB.

It, however, filed notices of appeal to challenge the disputed notices of assessment.

Source: TheStar