Latest news with #812
The Star
4 days ago
- Business
- The Star
Federal court rules in favour of LHDN over RM1.8bil tax appeal against TNB
PUTRAJAYA: The Federal Court on Wednesday (July 2) allowed the Inland Revenue Board's (LHDN) appeal to reinstate an additional tax assessment of RM1.8bil against Tenaga Nasional Berhad (TNB) for the 2018 assessment year. A five-member panel chaired by Court of Appeal President Tan Sri Abang Iskandar Abang Hashim unanimously overturned the earlier decisions of both the High Court and the Court of Appeal, which had ruled in favour of TNB and quashed the LHDN's tax assessment. The other members of the panel were Federal Court judges Tan Sri Nallini Pathmanathan, Datuk Zabariah Mohd Yusof, Datuk Rhodzariah Bujang, and Datuk Abu Bakar Jais. No order as to costs was made, with the court noting that the matter involved issues of public interest. Delivering the court's judgment, Justice Rhodzariah held that TNB's claim for reinvestment allowance (RA) under Schedule 7A of the Income Tax Act 1967 (ITA) was misconceived and not in accordance with the provisions of the Act. She added that TNB ought to have applied for an investment allowance under Schedule 7B of the ITA, rather than seeking RA under Schedule 7A. She explained that the legislative intent behind Schedule 7A was to incentivise manufacturing companies to reinvest in their existing operations in Malaysia. In contrast, Schedule 7B provides for investment allowance incentives specifically tailored to companies in the services sector, as approved by the Minister of Finance. Justice Rhodzariah further noted that TNB is authorised to impose a service charge under the Service Tax Act 2018, which reinforces its status as a service provider. As such, the court found that TNB falls within the ambit of the services sector and is therefore subject to Schedule 7B, not Schedule 7A. The LHDN argued that TNB, as a utility provider, does not qualify as a manufacturer and is thus not entitled to the RA granted to entities engaged in manufacturing activities. On July 21, 2020, TNB filed a judicial review application seeking, among others, to quash the LHDN's decision dated July 13, 2020, which had disallowed its RA claim amounting to RM1,812,506,384.64. The company also sought a declaration that it was entitled to claim the RA under Schedule 7A of the ITA. TNB had included its RA claim for the year of assessment 2018 in its tax return. However, the LHDN informed the company that the claim had been disallowed in a letter dated July 3, 2020. Subsequently, on July 13, 2020, the LHDN issued a notice of additional assessment against TNB for RM1,812,506,384.64 in tax. TNB then initiated judicial review proceedings to challenge the assessment. In February 2022, the High Court allowed the application and set aside the LHDN's additional assessment for the year 2018. The Court of Appeal, in a decision delivered in May 2023, affirmed the High Court's ruling. Despite the dispute, TNB has already paid the assessed sum. At Wednesday's hearing, the LHDN was represented by Datuk Dr Cyrus Das and senior revenue counsel Ashrina Ramzan Ali, while counsels Datuk D. P. Naban and S. Saravana Kumar appeared for TNB. - Bernama
New Straits Times
4 days ago
- Business
- New Straits Times
Federal Court rules in favour of IRB over RM1.8bil tax appeal against TNB
PUTRAJAYA: The Federal Court today allowed the Inland Revenue Board's (IRB) appeal to reinstate an additional tax assessment of RM1.8 billion against Tenaga Nasional Berhad (TNB) for the 2018 assessment year. A five-member panel chaired by Court of Appeal President Tan Sri Abang Iskandar Abang Hashim unanimously overturned the earlier decisions of both the High Court and the Court of Appeal, which had ruled in favour of TNB and quashed the IRB's tax assessment. The other members of the panel were Federal Court judges Tan Sri Nallini Pathmanathan, Datuk Zabariah Mohd Yusof, Datuk Rhodzariah Bujang and Datuk Abu Bakar Jais. No order as to costs was made, with the court noting that the matter involved issues of public interest. Delivering the court's judgment, Justice Rhodzariah held that TNB's claim for reinvestment allowance (RA) under Schedule 7A of the Income Tax Act 1967 (ITA) was misconceived and not in accordance with the provisions of the Act. She added that TNB ought to have applied for an investment allowance under Schedule 7B of the ITA, rather than seeking RA under Schedule 7A. She explained that the legislative intent behind Schedule 7A was to incentivise manufacturing companies to reinvest in their existing operations in Malaysia. In contrast, Schedule 7B provides for investment allowance incentives specifically tailored to companies in the services sector, as approved by the Minister of Finance. Justice Rhodzariah further noted that TNB is authorised to impose a service charge under the Service Tax Act 2018, which reinforces its status as a service provider. As such, the court found that TNB falls within the ambit of the services sector and is therefore subject to Schedule 7B, not Schedule 7A. The IRB argued that TNB, as a utility provider, does not qualify as a manufacturer and is thus not entitled to the RA granted to entities engaged in manufacturing activities. On July 21, 2020, TNB filed a judicial review application seeking, among others, to quash the IRB's decision dated July 13, 2020, which had disallowed its RA claim amounting to RM1,812,506,384.64. The company also sought a declaration that it was entitled to claim the RA under Schedule 7A of the ITA. TNB had included its RA claim for the year of assessment 2018 in its tax return. However, the IRB informed the company that the claim had been disallowed in a letter dated July 3, 2020. Subsequently, on July 13, 2020, the IRB issued a notice of additional assessment against TNB for RM1,812,506,384.64 in tax. TNB then initiated judicial review proceedings to challenge the assessment. In February 2022, the High Court allowed the application and set aside the IRB's additional assessment for the year 2018. The Court of Appeal, in a decision delivered in May 2023, affirmed the High Court's ruling. Despite the dispute, TNB has already paid the assessed sum. At today's hearing, the IRB was represented by Datuk Dr Cyrus Das and senior revenue counsel Ashrina Ramzan Ali, while counsels Datuk D. P. Naban and S. Saravana Kumar appeared for TNB. — BERNAMA
Sinar Daily
4 days ago
- Business
- Sinar Daily
Federal Court rules in favour of IRB over RM1.8 billion tax appeal against TNB
The court held that TNB's claim for reinvestment allowance under Schedule 7A of the Income Tax Act 1967 was misconceived and not in accordance with the provisions of the Act. 02 Jul 2025 05:21pm The Federal Court allowed the Inland Revenue Board's appeal to reinstate an additional tax assessment of RM1.8 billion against Tenaga Nasional Berhad for the 2018 assessment year. PUTRAJAYA - The Federal Court today allowed the Inland Revenue Board's (IRB) appeal to reinstate an additional tax assessment of RM1.8 billion against Tenaga Nasional Berhad (TNB) for the 2018 assessment year. A five-member panel chaired by Court of Appeal President Tan Sri Abang Iskandar Abang Hashim unanimously overturned the earlier decisions of both the High Court and the Court of Appeal, which had ruled in favour of TNB and quashed the IRB's tax assessment. The other members of the panel were Federal Court judges Tan Sri Nallini Pathmanathan, Datuk Zabariah Mohd Yusof, Datuk Rhodzariah Bujang and Datuk Abu Bakar Jais. No order as to costs was made, with the court noting that the matter involved issues of public interest. Delivering the court's judgment, Justice Rhodzariah held that TNB's claim for reinvestment allowance (RA) under Schedule 7A of the Income Tax Act 1967 (ITA) was misconceived and not in accordance with the provisions of the Act. She added that TNB ought to have applied for an investment allowance under Schedule 7B of the ITA, rather than seeking RA under Schedule 7A. She explained that the legislative intent behind Schedule 7A was to incentivise manufacturing companies to reinvest in their existing operations in Malaysia. In contrast, Schedule 7B provides for investment allowance incentives specifically tailored to companies in the services sector, as approved by the Finance Minister. Justice Rhodzariah further noted that TNB is authorised to impose a service charge under the Service Tax Act 2018, which reinforces its status as a service provider. As such, the court found that TNB falls within the ambit of the services sector and is therefore subject to Schedule 7B, not Schedule 7A. The IRB argued that TNB, as a utility provider, does not qualify as a manufacturer and is thus not entitled to the RA granted to entities engaged in manufacturing activities. On July 21, 2020, TNB filed a judicial review application seeking, among others, to quash the IRB's decision dated July 13, 2020, which had disallowed its RA claim amounting to RM1,812,506,384.64. The company also sought a declaration that it was entitled to claim the RA under Schedule 7A of the ITA. TNB had included its RA claim for the year of assessment 2018 in its tax return. However, the IRB informed the company that the claim had been disallowed in a letter dated July 3, 2020. Subsequently, on July 13, 2020, the IRB issued a notice of additional assessment against TNB for RM1,812,506,384.64 in tax. TNB then initiated judicial review proceedings to challenge the assessment. In February 2022, the High Court allowed the application and set aside the IRB's additional assessment for the year 2018. The Court of Appeal, in a decision delivered in May 2023, affirmed the High Court's ruling. Despite the dispute, TNB has already paid the assessed sum. At today's hearing, the IRB was represented by Datuk Dr Cyrus Das and senior revenue counsel Ashrina Ramzan Ali, while counsels Datuk D. P. Naban and S. Saravana Kumar appeared for TNB. - BERNAMA More Like This
Yahoo
13-03-2025
- Automotive
- Yahoo
3 Sports Cars That Will Have Massive Price Drops in Early 2025
Sports cars are prestige, performance, speed and status on four wheels — but even those that are just OK don't come cheap. If you're willing to pay a premium for the thrill of a coupe, roadster or even a supercar, the early months of 2025 might offer a reduction on that premium. Explore More: Check Out: Edmunds data shows that prices are often lowest during the first and last quarters of the year, but there's more to the equation than that. The same data shows that many vehicles sell at a discount when automakers redesign a model the following year or, better yet, discontinue one altogether. Several manufacturers ended the production runs of exciting and beloved sports cars in 2025, which gives savvy buyers opportunities to save big money on the sports cars of their dreams right now. The Chevrolet Camaro is one of America's most iconic sports cars, muscle cars and pony cars at the same time — and in 2023, Chevy announced it was, once again, discontinuing its production run. In January 2024, the final sixth-generation Camaro rolled off the assembly line at Michigan's Lansing Grand River Assembly Plant with a sub-$33,000 starting MSRP — but smart buyers might be able to get one for less. If it were the last of its kind, the '24 Cam might have appreciated instead of losing value. However, MotorTrend reports that Chevy is launching an electric-only Camaro in 2026. With the Camaro name still in play, the final gas-powered model isn't a coveted collector's item, but a discount-rack surplus car that Chevy dealers are looking to offload. Be Aware: Ferrari nixed the beloved 812 ($433,765) and F8 Spider ($328,292) for 2025, but according to Car and Driver, the death of these near-perfect supercars signals an end-of-an-era moment for the Italian nameplate that renders both models instant — and instantly appreciating — collectors' items. However, Ferrari also made 2024 the last model year for the Roma, which starts in the mid $200,000s — or at least it did. While undeniably elegant and fine-tuned for peak performance, the Roma never made a statement like the F8 or 812. According to CarScoops, its planned successor is little more than an updated version of the outgoing model. With the relatively short-lived Roma now a cold product with a newer, better near-clone in the works, its price could drop substantially in the coming weeks and months. According to Car and Driver, Jaguar pulled the plug on several ICE vehicles in 2024 to make room for incoming plug-in models as the British automaker marches toward an all-electric future. Last year was the last year for the E-Pace, I-Pace, XF and one of the market's most beloved luxury sports cars, the F-Type. Jaguar extended the model's lifespan with a special edition in 2024 — but limited runs like that are more likely to appreciate than to lose value. But one model year back is the 2023 F-Type, which Jag dealers will likely be eager to move as the brand pushes hard to establish itself as the world's premier luxury e-car brand — and that means discounted sticker prices. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 3 Changes That Could Be Coming to Social Security Now That Congress Is Republican This article originally appeared on 3 Sports Cars That Will Have Massive Price Drops in Early 2025
Yahoo
10-02-2025
- Business
- Yahoo
Tube Investments of India Ltd (NSE:TIINDIA) Q3 2025 Earnings Call Highlights: Navigating Growth ...
Revenue: INR1,910 crores in Q3 FY25 compared to INR1,898 crores in the same period last year. Profit Before Tax: INR212 crores compared to INR210 crores in the same period last year. Return on Invested Capital (ROIC): 43% compared to 54% in the previous year period. Free Cash Flow: INR70 crores for the quarter. Engineering Business Revenue: INR1,212 crores compared to INR1,229 crores in the corresponding quarter. Engineering Business PBIT: INR156 crores compared to INR153 crores in the corresponding quarter. Metal Formed Business Revenue: INR400 crores compared to INR392 crores in the corresponding quarter last year. Metal Formed Business PBIT: INR40 crores compared to INR47 crores in the corresponding quarter. Bicycle Business Revenue: INR142 crores compared to INR147 crores in the corresponding quarter. Bicycle Business Loss: Negative INR0.82 crores compared to INR8 crores in the corresponding quarter. Others Revenue: INR252 crores compared to INR219 crores in the corresponding quarter. Others PBIT: INR11 crores compared to INR14 crores in the corresponding quarter. Consolidated Revenue: INR4,812 crores compared to INR4,197 crores in the corresponding quarter. Consolidated Profit: INR427 crores compared to INR395 crores in the corresponding quarter of the previous year. CG Power Revenue: INR2,516 crores compared to INR1,979 crores. CG Power Profit Before Exceptional Items and Tax: INR335 crores compared to INR264 crores. Shanti Gears Revenue: INR158 crores compared to INR126 crores in the corresponding quarter. Shanti Gears Profit Before Tax: INR35 crores compared to INR24 crores in the corresponding quarter of the previous year. Warning! GuruFocus has detected 1 Warning Sign with NSE:TIINDIA. Release Date: February 04, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Tube Investments of India Ltd (NSE:TIINDIA) reported a consolidated revenue increase to INR4,812 crores from INR4,197 crores in the corresponding quarter of the previous year. The company's subsidiary, CG Power, showed significant growth with consolidated revenue rising to INR2,516 crores from INR1,979 crores. Shanti Gears, another subsidiary, also demonstrated strong performance with revenue increasing to INR158 crores from INR126 crores. The Engineering business maintained stable PBIT at INR156 crores, slightly up from INR153 crores in the corresponding quarter. The company is actively expanding its EV business, with plans to seed new products in the market by Q4 and full-fledged commercial sales starting in April 2025. The quarter was described as 'fairly flat' with minimal growth in revenue and profit before tax compared to the previous year. ROIC for the quarter decreased to 43% from 54% in the same period last year. The Metal Formed business experienced a decline in PBIT to INR40 crores from INR47 crores, attributed to pricing pressures and a drop in EV growth. The bicycle business continued to operate at a loss, albeit reduced to negative INR0.82 crores from INR8 crores in the previous year. The Clean Mobility business saw a decline in revenue from INR146 crores to INR127 crores, attributed to regional market dynamics and reduced incentives. Q: Are you present in the EV scooter market, and do any OEM customers plan to shift their EV scooters to chain drive? A: Currently, it's in the development stage. One OEM is working on converting the belt into the chain, but it's still in the initial stages. The chain market will not become obsolete as motorcycle growth continues, and there's a significant aftermarket demand. Q: Why did the Clean Mobility business see a decline in revenue despite increased volumes? A: The 3-wheeler volumes were stable, but the TIV increased due to the festive season, which impacted regions where we have less presence. For trucks, we delivered fewer units in Q3 compared to Q2. These factors contributed to the revenue decline. Q: What is causing the weak margin trajectory in the Metal Formed Product business? A: The decline in railway pricing and a slowdown in EV growth due to model changes affected margins. However, we expect margins to stabilize around 10% to 11% at the PBT level. Q: How is the Engineering division performing, and what impact do metal prices have? A: The muted performance is primarily due to metal price corrections. However, we have seen a 7% to 8% growth in volume terms, and exports continue to contribute significantly. Q: What is the strategy for the EV business over the next 3 to 5 years? A: The focus is on improving market share and numbers while keeping an eye on margins. We aim to achieve operational breakeven in the next financial year for the two products already in the market. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
