Sime Darby Bhd’s wholly owned subsidiary, Sime Darby Holdings Bhd (SDHB), will appeal against tax assessments totalling RM150.18 million, including penalties, issued by the Inland Revenue Board (LHDN) for the years of assessment 2017 to 2023.
In a filing with Bursa Malaysia today, Sime Darby said SDHB received the notices of assessment on Sept 30 after LHDN determined that interest income from its treasury activities was taxable under Section 4(c) of the Income Tax Act 1967.
SDHB has 30 days from the date of the notices to appeal against the assessments.
“After consulting its tax and legal counsels, SDHB is of the view that it has valid legal grounds to defend against the assessments.
“It intends to appeal and initiate legal proceedings to challenge the basis and validity of the notices issued by LHDN,” Sime Darby said.
The company said it would make further announcements if there was any material development.
