MK Land unit slapped with IRB lawsuit over RM26.98m tax claim

KUALA LUMPUR (April 19): Property developer MK Land Holdings Bhd said today its wholly-owned subsidiary Saujana Triangle Sdn Bhd is being sued by the Inland Revenue Board (IRB) over RM26.98 million in additional tax claims for the years of assessment 2011 and 2013.

In a filing with Bursa Malaysia today, MK Land said Saujana Triangle was served with a writ of summon and statement of claim yesterday for the amount.

Upon consulting its solicitors and tax consultants, MK Land said it is of the view that there are reasonable grounds to challenge the claim brought against Saujana Triangle on the basis that there is a valid appeal pending before the Special Commissioners of Income Tax.

It added that the group will make further announcement if there is any material update on the matter.

MK Land shares closed unchanged at 17 sen today, with 565,500 shares done, giving it a market capitalisation of RM210.8 million. — theedgemarkets.com

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