Iskandar Waterfront City settles RM32.23m tax bill

PETALING JAYA: Iskandar Waterfront City Bhd (IWCity) has fully settled the RM32.23 million tax bill imposed by the Inland Revenue Board (IRB).
IWCity told Bursa Malaysia that its wholly owned subsidiary Tebrau Bay Constructions Sdn Bhd (TBCSB), following the full settlement of the taxes claimed, today received the sealed court order dated May 20, 2018 that the writ and the Malaysian government's statement of claim dated March 15, 2018 had been withdrawn without any order as to costs.
The suit came about after IRB raised additional income taxes assessment and tax penalties amounting to RM36.98 million to TBCSB for years of assessment 2010, 2012 and 2014.
TBCSB claims it did not receive the notices of assessment dated Aug 16, 2017 but was only notified of the notices via email on Jan 24, 2018.
Notwithstanding the settlement, IWCity said TBCSB will continue to make the necessary appeals to IRB against the additional assessments.
IWCity shares slipped 2.7% to close at 53.5 sen on 531,900 shares traded today.