KUALA LUMPUR (July 5): AME Elite Consortium Bhd's wholly-owned subsidiary AME Development Sdn Bhd has been slapped with RM7.16 million in additional income tax and penalty by the Director General of Inland Revenue Board (IRB) for the year of assessment 2018.

The integrated industrial space solutions provider said in a bourse filing that AME Development was served with a notice of additional assessment by the IRB mainly pursuant to the dispute on the withdrawal of stocks as investment properties.

"After consulting its tax agent and tax solicitors, the company is of the view that there are reasonable grounds to challenge the basis of assessment raised by the IRB," it said.

The company will file an appeal against the notice of additional assessment.

The company is also taking further advice from its tax agent and tax solicitors in order to take all necessary actions to protect the interest of the company, it added.

“There will not be any imminent financial effects on the company pending the outcome of the appeal.

“Further announcement would be made should there be any material development on this matter,” it said.

AME Elite shares fell two sen or 0.76% to close at RM2.60 today, valuing the group at RM1.11 billion.

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