PETALING JAYA: Westports Holdings Bhd’s wholly owned subsidiary Westports Malaysia Sdn Bhd has been slapped with several bills of demand totalling RM59.50 million by the Royal Malaysian Customs.
The port operator said in a Bursa Malaysia filing that the bills of demand dated between July 17 and Sept 29, 2017 includes inter alia, time-barred assessments for the years 2008 to 2011, import duty remittance for purchases of equipment and Goods and Services Tax for purchases made after April 2015.
“Westports Malaysia Sdn Bhd has been engaging with the Royal Malaysian Customs and the Finance Ministry, and has also sought additional inputs to provide guidance to the company but received an unfavourable decision from the authorities on Dec 19, 2017,” Westports said.
Nonetheless, it noted that an appeal is in process to facilitate the convergence towards an amicable settlement in relation to the demands.
Westports is of the view that the demands will not impact the group’s net assets.
The stock gained 0.28% to close at RM3.57 with some 69,200 shares done.
Source: The Sun Daily