SHAH ALAM: CCM Duopharma Biotech Bhd (CCMD) is still in the process of collecting the Goods and Services Tax (GST) refunds from the government.
“Hopefully (the tax refunds) will actually occur within this financial year,” CCMD group managing director Leonard Ariff Abdul Shatar (pix) told reporters after its EGM here today.
“It (the tax refund) is in a million (ringgit), but single digit. There are still questions that need to be addressed with the Ministry of Finance,” he added.
It was reported last year that the government still owes the pharmaceutical firm about RM10 million in GST refunds.
Meanwhile, Leonard said the stronger ringgit against US dollar at the moment bodes well for the healthcare industry, especially the pharmaceutical companies.
“Apart from salaries and packaging, primarily all raw materials are imported for pharmaceuticals and it’s all denominated in US dollar. So any appreciation of the ringgit is actually positive for the company,” he added.
Source: The Sun Daily