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KUALA LUMPUR, Malaysia (July 5): The Director General of the Inland Revenue Board (IRB) has fined AME Elite Consortium Bhd’s wholly-owned subsidiary AME Development Sdn Bhd RM7.16 million in excess income tax and penalty for the year of assessment 2018.
The IRB served AME Development with a notice of extra assessment, the integrated industrial space solutions provider stated in a bourse filing, primarily due to the dispute over the withdrawal of stocks as investment properties.
“Following consultation with its tax advisor and tax counsel, the company believes there are legitimate grounds to challenge the IRB’s basis of assessment,” it stated.
The corporation intends to file an appeal against the increased assessment notice.
The company is also seeking additional advice from its tax agent and tax solicitors in order to take all required steps to safeguard the company’s interests, according to the statement.
“There will be no immediate financial consequences for the company pending the outcome of the appeal,” said the corporation.
“If there is any meaningful progress on this topic, we will make a further announcement,” it said.
AME Elite’s stock dropped two sen (0.76 percent) to RM2.60 today, valuing the company at RM1.11 billion.
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