KUALA LUMPUR (June 20): Genting Malaysia has decided to withdraw its judicial review application against the Ministry of Finance's (MoF) decision to amend the 2014 tax incentive approval in December 2017.
The group announced the decision in a filing with Bursa alaysia today, without elaborating on the rationale for the move.
On Jan 24, the High Court granted Genting Malaysia leave to commence the judicial review, and a stay of the MoF decision pending disposal of the judicial review application.
Genting Malaysia claimed that the amendment had effectively prolonged the utilisation period of the tax allowances granted to the Genting Integrated Tourism Plan (GITP) by MoF in December 2014.
The group tried to submit an appeal to MoF, but was turned down in September 2018.
In December 2014, the MoF had granted tax incentives for the GITP, which among others, entitled Genting Malaysia to claim for income tax exemption equivalent to 100% of qualifying capital expenditure incurred for a period of 10 years.
However, MoF had decided to amend the 2014 tax incentive approval in December 2017, which effectively prolonged the utilisation period of the tax allowances “significantly”.