KUALA LUMPUR (Nov 9): The Kuala Lumpur High Court has ordered UEM Sunrise Bhd’s wholly owned subsidiary Symphony Hills Sdn Bhd (SHSB) to pay costs of RM2,500 to the Minister of Finance and Director General of Inland Revenue Board respectively in relation to notices for additional tax assessments totalling RM73.69 million in May 2021, after it denied SHSB's leave for a judicial review of the minister's decision.

The property developer told Bursa Malaysia on Wednesday that the High Court disallowed SHSB’s leave for a judicial review application against the Minister of Finance.

“Upon receipt of the decision, the company has applied for and been granted an interim stay until the disposal of the stay application at the High Court. The formal stay application is to be filed within 30 days from Nov 8, 2023.

“The company intends to file the formal stay application within the stipulated deadline,” it said.

In May 2021, two of UEM Sunrise’s units, SHSB and UEM Land Bhd, were issued notices for additional tax assessments totalling RM82.18 million.

UEM Land was told to pay RM8.49 million in additional taxes for the years of assessment 2013 to 2018, following the removal of Bumiputera quota and low-cost requirements at its selected developments in Iskandar Puteri.

SHSB was told to pay RM73.69 million more taxes for the reversal of tax losses utilisation for the years of assessment 2006 to 2017. UEM Sunrise previously said there were reasonable grounds to appeal and contest the basis of the assessments.

UEM Sunrise shares ended the day 0.5 sen or 0.61% higher at 82.5 sen, giving it a market capitalisation of RM4.15 billion.

Year to date, the stock has soared 217.31% from merely 26 sen in early January.