Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Sept 7): Country Heights Holdings Bhd’s wholly-owned subsidiary Country Heights Sdn Bhd (CHSB) has been slapped with two law suits from the Malaysian government claiming a total of RM28.10 million in income tax.

In a filing to Bursa Malaysia today, Country Heights said two summonses for the above, both dated Aug 17, were received by the company on Sept 4.

The first suit was for income tax for the years of assessment 1997 and 1998 — amounting to the sum of RM23.48 million. The second was for the year of assessment 2008, for RM4.62 million.

Both claims come with interest at the rate of 5% per annum, to be calculated from the date of judgement thereon until full settlement.

CHSB is in the process of filing its memorandum of appearance for both suits.

“The above suits are not expected to have any material impact on the net assets per share, earnings per share and gearing of [Country Heights] in the current financial year as the tax payables have already been provided for in the financial statements of the group,” it added.

This is not the first time the Malaysian government has sued the group for tax arrears.

On Feb 5, 2010, Malaysian government claimed RM22.62 million in real property gain tax for the years of assessment 1993, 1998 and 1999. After battling it out for five years in the courts, Country Heights won the case.

Shares in Country Heights traded unchanged at RM1.04 today for a market capitalisation of RM284.5 million.

(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.)

 

      Print
      Text Size
      Share