We refer to the recent issuance of Notices of Additional Assessment for Years of Assessment (“YA”) 2013 – 2017 and Notices of Assessment for YA 2018 – 2019 (collectively referred to as “Notices”) by the Inland Revenue Board of Malaysia and our previous announcements on 30 September 2021, 26 October 2021, 3 March 2022, 8 April 2022, 16 June 2022, 18 August 2022, 26 August 2022, 2 September 2022 and 29 November 2022 relating to these matters. 

The judicial review application lodged by the Company against the Minister of Finance (“MOF”) was initially fixed for hearing on 28 November 2022 before the KL High Court but was vacated due to public holiday. In this regard, the Court fixed for case management on 30 November 2022 to fix new hearing date in which the Court fixed for hearing on 16 March 2023 in relation to the leave for the Company’s judicial review application.

The Company’s tax counsel applied for the interim stay order to be extended until the hearing on 16 March 2023 in order to preserve the rights of the Company. The KL High Court granted an extension for the interim stay of all further proceedings including the enforcement of the Notices until 16 March 2023. Consequent to this interim stay order, the Company need not pay the disputed taxes.

The Company will update material developments on the above matter from time to time.

This announcement is dated 1 December 2022.