KUALA LUMPUR (April 25): Press Metal Aluminium Holdings Bhd said its Sarawak subsidiary has reached an “amicable settlement” with the Inland Revenue Board (IRB) in respect of additional assessments for the years 2014 to 2019.

Press Metal Bintulu Sdn Bhd (PM Bintulu) reached a final settlement of RM26.74 million based on a letter received from the IRB dated April 22, the group said in a bourse filing.

The group first announced the additional assessments, totalling RM106.06 million across the six years of assessment, on Nov 26, 2021.

At that time, Press Metal said the IRB imposed the additional income tax “based on its view that certain income does not fall under pioneer status exemption approved by Malaysian Investment Development Authority (MIDA)”.

The final settlement will see the tax paid in eight equal installments from May to December 2022.

The group booked RM116.23 million in taxation for 2021, versus RM67.74 million for 2020, its financial results filing showed.

“The final settlement will be recognised in the financial statements for the financial year ended Dec 31, 2021 and will not have a material impact on the financial position and financial performance of Press Metal group.

“With the above, the tax dispute between PM Bintulu and the IRB has been closed,” said the group.

Shares of Press Metal fell 26 sen or 4.04% to close at RM6.17 on Monday (April 25), giving the group a market capitalisation of RM50.84 billion. Year to date, the counter is up 6.74%.