'Protect the rakyat's money', Dr Wee urges govt on TNB tax dispute

The Star

a day ago

PETALING JAYA: Datuk Seri Dr Wee Ka Siong has responded to Kampar MP Chong Zhemin on the Federal Court's decision regarding Tenaga Nasional Berhad's (TNB) tax dispute, stressing that the issue concerns the people's money, not politics.
"This is not about the legal technicalities of Schedule 7A vs 7B. The court has ruled TNB should have applied under Schedule 7B. The issue is not about TNB's status as a utility or manufacturer - the Federal Court has clarified that point," the MCA president stated in a Facebook post on Wednesday (Aug 6).
Dr Wee emphasised the concern over RM5bil in public savings, adding that TNB was majority-owned by rakyat savings funds such as ASB, EPF, KWAP and Tabung Haji.
"Over 63% of TNB's shares are ultimately rakyat money. If the government enforces this RM8.32bil additional tax and penalties bill, up to RM5bil of the rakyat's savings will be transferred into government coffers.
"This is not a political show - it's a real financial blow to ordinary Malaysians," he added.
Chong had accused Dr Wee of making a baseless attack on the court decision.
Dr Wee argued that the court recognised TNB acted in good faith, acknowledging TNB's long-standing practice of applying for reinvestment allowance under Schedule 7A, previously accepted by the Inland Revenue Board (LHDN) for decades.
"The decision now is a change in interpretation, not a finding of fraud or wrongdoing.
"The solution lies with the Finance Minister and not the courts. Even after the court's decision, the law gives the Finance Minister absolute power to approve TNB's appeal and re-application under Section 7B to waive the disputed amount," he stated.
Dr Wee urged for a clear response from the government: 'Will you protect their savings or take their money? This is not about 'cheap politics' but real people's money."
He criticised dismissing concerns over billions in savings as "political theatre" and asserted his commitment to standing up for the people's interests.
"The real question is: Will the Madani government protect the rakyat's RM5bil, or will they raid the rakyat's savings to cover their budget shortfall?
"The people deserve a clear answer,' he concluded.
The Federal Court ruled on July 2 in favour of LHDN in TNB's 2018 tax dispute, deciding that TNB should have applied for an investment allowance under Schedule 7B rather than the reinvestment allowance under Schedule 7A.