KUALA LUMPUR (Feb 14): The High Court today fixed May 30 to hear Genting Malaysia Bhd’s application for a judicial review of a government decision on the tax incentives granted for the group’s RM10.38 billion Genting Integrated Tourism Plan (GITP) redevelopment project.
The date was fixed during case management in chambers before judge Azizah Nawawi. Present were senior federal counsel Natassa Zaini who represents the Ministry of Finance (MoF), and Genting Malaysia’s lawyer Keith Lim Boon Long.
MoF had in December 2014 approved Genting Malaysia’s tax incentives application for GITP, which entitled the group to claim income tax exemption equivalent to 100% of qualifying capital expenditure incurred for a period of 10 years.
However, MoF subsequently amended the tax incentive approval in December 2017.
While the amendment did not remove the tax incentives previously granted, it effectively prolonged the utilisation period of the tax allowances “significantly”, according to Genting Malaysia.
Therefore, Genting Malaysia submitted an appeal to MoF, which was turned down in September last year.
Last month, Genting Malaysia told Bursa Malaysia that it is filing an application for a judicial review of MoF’s decision to amend the tax incentive approval.
The High Court also granted a stay on MoF’s decision, pending disposal of the judicial review application.
Genting Malaysia’s share price was up four sen or 1.22% to RM3.33 as at 4.10pm, giving it a market capitalisation of RM18.7 billion.