S P Setia: Penang land buy from Boustead Plantations should be GST exempted

KUALA LUMPUR (Jan 10): S P Setia Bhd said its wholly-owned subsidiary Setia Fontaines Sdn Bhd has been advised by solicitors that the latter's acquisition of five adjoining parcels of freehold land in Penang from Boustead Plantations Bhd should be exempted from the goods and services tax (GST), based on Malaysia's tax laws.

S P Setia said in a statement to Bursa Malaysia today the GST exemption is pursuant to item 1(1), first schedule of the GST (exempt supply) order 2014.

"We refer to the announcement by Boustead Plantations made on Jan 8, 2019 with regard to the above matter.

"Setia Fontaines remains steadfast to defend its position at the proceedings in the High Court," S P Setia said. — theedgemarkets.com

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