Latest news with #LHDN
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
TNB may face additional RM2bil tax bill
TNB is facing additional tax assessments of nearly RM8 billion for 2013-2024, said CIMB Securities. PETALING JAYA : Tenaga Nasional Bhd (TNB) may be slapped with hefty tax assessments for 2023 and 2024 amounting to RM2 billion by the Inland Revenue Board (LHDN), said CIMB Securities. This will potentially be another blow for the power utility company which had been issued notices of additional assessment for 2013 to 2021 amounting to RM5.89 billion. 'If TNB's FY2023-2024 capex provides any indication, we think the additional tax assessment for 2023-2024 could be around RM2 billion, raising the total amount for 2013-2024 to nearly RM8 billion,' it said in a note today. In a worst-case scenario where it has to pay the full amount, CIMB forecasted the impact to TNB's current target price of RM15.75 could result in an 8% to 9% decline. The stock fell 24 sen or 1.76% to RM13.36 today, valuing the group at RM77.88 billion. So far this year, the shares have fallen 9.5%. The research house has maintained its 'buy' call on TNB, stating it is 'reasonably valued and offers steady dividend returns' over the next few years. A taxing month For TNB, it has been a month to forget as far as tax matters are concerned. Last Thursday, it was slapped with a tax bill amounting to RM840.1 million for the year of assessment 2022. This comes on the heels of the Federal Court ruling against TNB on July 2 in its RM1.25 billion tax assessment dispute with LHDN, for YA 2018. With the apex court ruling it is not eligible to claim reinvestment allowance, TNB is now facing a multibillion-ringgit tax bill. The two parties have been in dispute since 2015 over tax assessments, with RM5.05 billion worth of disputed sum still outstanding, according to TNB's 2024 annual report. In a bourse filing last Friday, TNB said it is evaluating legal options available to address the latest tax bill. The company said it has made a new application for investment allowance under Schedule 7B of the Income Tax Act 1967 on July 25. If it succeeds, the impact could be reduced or even eliminated. TNB has said it is in the midst of assessing the full financial implications of the Federal Court's ruling. The utility giant also assured Malaysians its focus remains on its core mission and long-term priorities, with prudent financial management and consistent cash flow underpinning its operations.
The Star
5 days ago
- Business
- The Star
Anwar, govt succeed in removing names from Mukhriz's tax lawsuit
KUALA LUMPUR: Datuk Seri Anwar Ibrahim and the government have successfully struck out their names in an application to initiate judicial review filed by Datuk Seri Mukhriz Mahathir linked to an Inland Revenue Board (LHDN) additional tax assessment amounting to more than RM5mil. Mukhriz, 60, filed the application on Dec 20 last year. He named the LHDN CEO or director-general, Anwar in his capacity as the Finance Minister and the government as the first, second and third respondents, respectively. During yesterday's proceedings, Justice Amarjeet Singh allowed the application by Anwar and the government to strike out their names after hearing submissions from both parties. However, Justice Amarjeet dismissed Anwar and the government's application to strike out several paragraphs in Mukhriz's affidavit that mentioned them. Senior Federal Counsel Irmawatie Daud appeared for the applicants, while lawyer Syed Afiq Syed Albakri represented Mukhriz. On Jan 2, the High Court granted Mukhriz leave to challenge the tax notices by LHDN on grounds that there were issues. The court fixed Dec 16 to hear the application on its merits. In Mukhriz's judicial review application, he is seeking a court order to quash the first respondent's additional tax assessment notice for 2017, 2018 and 2019, amounting to RM5,020,707.18, on grounds that the action is illegal and unreasonable. The notices were for additional tax assessment for 2017 (RM2,558,875.90), 2018 (RM2,445,004.91) and 2019 (RM16,826.37). He is also seeking a declaration that the decision to impose the penalty on him under Section 113(2) of the Income Tax Act is void and beyond legal authority. Mukhriz contends that LHDN wrongfully considered his disposal of shares in Opcom Holdings Bhd and dividends received from M Ocean Capital Sdn Bhd as taxable income, although they were not taxable. He is also seeking general and exemplary damages against the respondents. In March, Anwar and the government had applied to strike out their names as they contended that there was no need to list them as respondents in the judicial review. They said the action of naming them in the lawsuit was 'clearly frivolous, vexatious and an abuse of court process that is obviously unsustainable'.
The Star
6 days ago
- Business
- The Star
High Court strikes Anwar's name and Govt from Mukhriz's tax assessment case
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim and the government have successfully had their names struck out from an application for judicial review filed by Datuk Seri Mukhriz Mahathir, related to an Inland Revenue Board (LHDN) additional tax assessment exceeding RM5mil. Mukhriz, 60, filed the application on Dec 20 last year, naming the revenue CEO or director-general, Anwar in his capacity as the Finance Minister, and the government as the first, second, and third respondents, respectively. In Thursday's (July 24) proceedings, Justice Amarjeet Singh allowed the application by Anwar and the government to strike out their names after hearing submissions from both parties. However, Justice Amarjeet dismissed the application to strike out several paragraphs in Mukhriz's affidavit that mentioned Anwar and the government. Senior Federal Counsel Irmawatie Daud appeared for the applicants, while lawyer Syed Afiq Syed Albakri represented Mukhriz. On Jan 2, the High Court granted Mukhriz leave to challenge the tax notices by LHDN on grounds that there were issues needing exploration. The court fixed Dec 16 to hear the application on its merits. In Mukhriz's judicial review application, he seeks a court order to quash the first respondent's additional tax assessment notice for 2017, 2018, and 2019, amounting to RM5,020,707, on the grounds that the action is illegal and unreasonable. The notices were for additional tax assessments for 2017 (RM2,558,875); 2018 (RM2,445,004); and 2019 (RM16,826). He is also seeking a declaration that the decision to impose the penalty on him under Section 113(2) of the Income Tax Act 1967 is void and beyond legal authority. Mukhriz contends that LHDN wrongfully considered his disposal of shares in Opcom Holdings Bhd and dividends received from M Ocean Capital Sdn Bhd as taxable income, although they were not taxable. He is also seeking general and exemplary damages against the respondents. Earlier in March, Anwar and the government applied to strike out their names, contending there was no need to list them as respondents in the judicial review. They argued that naming them in the lawsuit was "clearly frivolous, vexatious, and an abuse of court process that is obviously unsustainable."
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Court removes Anwar, govt as parties in Mukhriz's tax bill suit
Mukhriz Mahathir is challenging notices issued by LHDN to him last year demanding that he pay RM5.02 million in tax arrears for 2017 to 2019. KUALA LUMPUR : The High Court has removed Prime Minister Anwar Ibrahim and the federal government from Mukhriz Mahathir's suit challenging a RM5.02 million tax arrears demand. Justice Amarjeet Singh allowed an application filed by Anwar, who also serves as finance minister, and the federal government to be excluded from the proceedings, leaving the Inland Revenue Board (LHDN) as the sole respondent. The court also fixed Dec 16 to hear the judicial review application on an inter partes basis. Anwar and the federal government had argued that their inclusion in the suit amounted to an abuse of court process, noting that the dispute centred on Mukhriz's tax arrears from 2017 to 2019. LHDN issued notices to Mukhriz on Sept 27 last year, demanding that he pay RM2.56 million for 2017, RM2.44 million for 2018, and RM16,826.37 for 2019. However, the court today refused to strike out a statement by Mukhriz alleging that a long-standing feud between Anwar and Mukhriz's father, Dr Mahathir Mohamad, might have contributed to the issuance of the notices. Mukhriz said that in 2023, Anwar made several adverse public statements about Mahathir, claiming that the former prime minister had enriched his children during his initial tenure in office. He claimed that the remarks were made to tarnish his father's credibility and as an act of revenge. A defamation suit brought by Mahathir against Anwar is ongoing in another High Court. Mukhriz alleges that LHDN miscalculated his tax liability. The former Kedah menteri besar wants the court to quash the notices issued to him for the 2017, 2018 and 2019 years of assessment. He secured leave to bring the judicial review proceedings in January this year. Mukhriz is represented by lawyer Syed Afiq Syed Albakri while senior federal counsel Nur Irmawatie Daud appeared for Anwar and the federal government.
Malay Mail
21-07-2025
- Malay Mail
MACC seizes RM332m in assets from scrap metal and e-waste smuggling syndicate
PETALING JAYA, July 21 — The Malaysian Anti-Corruption Commission (MACC) has frozen and confiscated assets valued at over RM332 million in an ongoing probe into a scrap metal and e-waste smuggling syndicate. As reported by The Star, the syndicate is accused of bribing enforcement officers, causing a loss of more than RM950 million in export tax revenue over the last six years. 'MACC has frozen 324 bank accounts, comprising 142 corporate accounts and 182 individual accounts, totalling nearly RM150mil. Assets seized so far amount to about RM183mil,' an MACC source told The Star. The source also revealed that 27 witnesses have been questioned, including a key suspect, whose statement was recorded today. No arrests have been made, and investigations are ongoing. According to the daily, Datuk Mohamad Zamri Zainul Abidin, senior director of the MACC's Special Operations Division, confirmed that the commission is actively working to identify those involved in the smuggling syndicate. The investigation is being conducted under Sections 16 and 18 of the MACC Act 2009, which cover bribery and false claims, as well as possible violations of anti-money laundering laws. Additionally, agencies like the Inland Revenue Board (LHDN), Customs Department, and Bank Negara are investigating related offences under the Income Tax Act 1967 and the Customs Act 1967. On July 14, Bernama reported that the first raid was conducted at a three-storey luxury bungalow in Batu Maung, Penang at around 6am Monday. The bungalow is believed to belong to a businessman who owns a scrap metal company. Officers conducted a search after a domestic helper opened the door to the residence, though the company owner, reportedly a foreign national, was away on business.
