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PETALING JAYA: The annual lease payment to Port Klang Authority from Westports Holdings Bhd
will now be treated as allowable expenses.
In a filing with Bursa Malaysia, the port operator said the Finance Ministry has reviewed its appeal letter dated Dec 24, 2021.
The review involved the years of assessment from 2013 to 2019 and the disputed assessments amount to RM358.9mil.
On Oct 5, 2020, Westports said its wholly-owned subsidiary, Westports Malaysia Sdn Bhd, was given a RM120.6mil bill by the Inland Revenue Board for additional tax liabilities, inclusive of penalties, for years of assessments from 2013 to 2018.
The additional tax assessment is in relation to the annual lease payment made by Westports Malaysia Sdn Bhd to the Port Klang Authority totalling RM299.9mil for the six years. It also involves the deferred revenue of RM7.97mil in 2018.
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