UEMS dips 1.68% after ordered to pay added taxes to Inland Revenue

KUALA LUMPUR (Oct 19): Shares in UEM Sunrise Bhd's (UEMS) drop 1.68% in early trades after has been asked to pay RM50.92 million in additional taxes and a RM22.91 million penalty in respect of the year of assessment 2006 to the Inland Revenue Board (IRB).

At 10.25am, UEMS was down 2 sen or 1.65% to RM1.19 with 3.28 million shares done, valuing it at RM5.44 billion.

In a filing with Bursa Malaysia yesterday, UEMS said Bandar Nusajaya Development will immediately commence its appeal before the Special Commissioner of Income Tax by filing an application for extension of time to lodge an appeal pursuant to Section 100 of the Income Tax Act 1967.

Previously in September 2012, the Kuala Lumpur High Court had ruled in favour of Bandar Nusajaya Development and the Court of Appeal had in May 2014 upheld the decision and dismissed IRB’s appeal with RM30,000 costs.

The Federal Court decision came after IRB filed its application for leave back in 2014. — theedgemarkets.com

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