Astro subsidiaries settle RM115mil tax assessments with IRB
KUALA LUMPUR: Astro Malaysia Holdings Bhd 's subsidiaries, Astro Shaw Sdn Bhd (ASSB) and Measat Broadcast Network Systems Sdn Bhd (MBNS), have reached a settlement agreement with the Inland Revenue Board (IRB) over additional tax assessments issued between 2019 and 2023.
'Under the revised assessments, no penalties will be imposed, and ASSB and MBNS will claim capital allowance on the cost of production. This allows ASSB and MBNS to fully claim their cost of production which results in unabsorbed capital allowances that will be carried forward for offset against future income,' Astro said in a filing with Bursa Malaysia.
Under the settlement agreement, Astro said the total amount payable to the IRB for both entities is RM114.95mil, comprising RM4.04mil for ASSB and RM110.91mil for MBNS.
The deferred tax assets arising from the unabsorbed capital allowances have been fully recognised. However, no profit or loss impact from this settlement is expected for the financial year ended Jan 31, 2025, or thereafter.
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