KUALA LUMPUR (Dec 12): Cocoaland Holdings Bhd said it has received revised tax audit findings for the years of assessment 2010 to 2014 from the Inland Revenue Board (IRB) on Dec 6.

In a filing to Bursa Malaysia, Cocoaland said the outcome was positive as the IRB has allowed the claim of reinvestment allowance on certain plant and machinery disputed in the initial tax audit findings dated Oct 19.

"As a result, the revised tax audit findings show an additional income tax of RM10,239.73 and 45% penalty of RM4,607.89 totalling RM14,847.62.

Having deliberated on the matter, the board of directors has accepted the revised tax audit findings issued by the IRB.

In October this year, Cocoaland had been told to pay additional tax of RM4.06 million plus a 45% penalty of RM1.83 million, arising from a rejected reinvestment allowance it claimed for the years of assessment 2010 to 2014.