KUALA LUMPUR (July 1): Property developer Country Heights Holdings Bhd (CHHB) announced to Bursa Malaysia today that it could be liable to pay RM22.6 million in backdated tax to the government, if the Kuala Lumpur High court decides in favour of the Inland Revenue Board in its appeal against the government’s claim on July 10.

Back in 2010, the group (fundamental: 0.65, valuation: 1.1) was slapped with the multi-million claim by the government for real property gains tax (RPGT) for the assessment years 1993, 1998 and 1999 amounting to the sum of RM22,617,311.49, together with interest at 8%, said Country Heights.

“In the event that the aforesaid appeal is determined in favour of the Director-General of the Inland Revenue Board, Country Heights is in the possession of a tax retention sum amounting to RM11,214,000, which can be used to settle the claim.

“The balance of RM11,403,311.49 would need be paid by CHHB,” said Country Heights in its filing.

A decision on the case has been reserved for July 10, 2015, at the Kuala Lumpur High Court, it added.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)