KUALA LUMPUR: Fitch Ratings has affirmed Malaysia’s long-term foreign- and local-currency issuer default ratings at ‘A-’ with a stable outlook. In a statement yesterday, Fitch said…
Fitch: Malaysia’s rating kept at ‘A-’ with stable outlook
KUCHING: Ibraco will be launching its new commercial space Town Square Soho Commercial at Sarawak Housing and Real Estate Developer Association (Sheda) Bintulu Home & Property Roadshow at Commerce Square Mall in Bintulu this weekend (Aug 19 and 20). According to a press statement, Town Square Soho Commercial is the commercial podium located below Ibraco’s […]
Town Square Soho’s launching this weekend
‘Public sector can save RM1 bln through good regulatory practices’
KUALA LUMPUR: The Malaysia Productivity Corporation (MPC) estimates that the public sector can save at least RM1 billion in costs through Good Regulatory Practice (GRP). Director-General Datuk Mohd Razali Hussain said the government’s move to promote a competitive business environment, had contributed significantly in accelerating economic and social development. “At the enterprise level, we aim […]
Petronas CEO expects balance in oversupplied LNG market by 2023
KUALA LUMPUR: Malaysian state energy company Petroliam Nasional Bhd (Petronas) expects the global liquefied natural gas (LNG) market to remain oversupplied until as late as 2023, its chief executive said. Rising LNG production over the last two years, mainly from Australia and the United States, has exceeded demand and depressed prices. Asian spot LNG prices […]
MK Land: Unit has legal grounds to challenge IRB notices, penalties
PETALING JAYA: MK Land Holdings Bhd said its wholly owned subsidiary Saujana Triangle Sdn Bhd has all the legal grounds to disagree to the notices of assessment and penalties served to it by the Inland Revenue Board (IRB).
This is in relation to the Notices of Assessment for the Years of Assessment 2009-2011 and 2013, both dated May 4.
The notices stipulate that RM80.76 million is payable by Saujana Triangle to the IRB, which includes an additional income tax of RM55.70 million and a 45% penalty amounting to RM25.06 million.
MK Land’s board of directors said it had appealed to the Court of Appeal after its application for a judicial review was dismissed by the High Court on Aug 9.
The IRB served Saujana Triangle with the notices in view of the gains from the disposal of land in 2009, for which the tax authority was said to have disregarded the five-year time-barred period to raise the assessments in respect of the land disposal.
“IRB has disallowed certain development costs on the basis that these are only provisions and the amounts have yet to be paid. Thus, IRB does not treat them to be incurred for the purpose of Section 33 (1) of the Income Tax Act, 1967,” it added.