TNB commences legal proceedings against IRB for RM1.81b tax assessment

KUALA LUMPUR (July 22): Tenaga Nasional Bhd (TNB) says yesterday it has commenced legal proceedings against the Inland Revenue Board (IRB) over a RM1.81 billion tax assessment dispute between the two parties.

This follows a notice of additional assessment for 2018 amounting to RM1.81 billion, which TNB received from the IRB last Monday (July 13), the utility company said in a bourse filing yesterday.

In its previous filing, TNB said the notice was similar to the notices it had received in past years.

These notices, it said, are pending in court and TNB has obtained an interim stay order against the payment of the disputed taxes.

“Based on the legal advice obtained from our tax solicitors, TNB is of the view that it has a good basis in law to contend that the assessments were erroneously raised by the IRB, Accordingly and as before, TNB will be appealing against the said notice, the soonest,” it said previously.

Shares of TNB closed six sen or 0.53% higher at RM11.40 yesterday, giving it a market capitalisation of RM65.03 billion.

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