KUALA LUMPUR (Jan 10): Tenaga Nasional Bhd or TNB (KL:TENAGA) said its indirectly wholly owned unit TNB Western Energy Bhd (TNB WE) has been slapped with an income tax bill amounting to RM291.55 million for the year of assessment 2018 from the Inland Revenue Board (IRB).
TNB WE is a wholly owned unit of TNB Manjung Five Sdn Bhd, which in turn is a wholly owned subsidiary of TNB Power Generation Sdn Bhd.
In a filing with Bursa Malaysia on Friday, the national utility company said TNB WE had on Dec 31, 2024 filed a judicial review application in the High Court of Malaya to challenge matters arising from the assessment notice. On Thursday, the High Court had granted an interim stay of all further proceedings, including the enforcement of the notice, until the full and final disposal of the judicial review leave application.
The High Court has scheduled the leave hearing for April 14, TNB said, adding that it will provide updates on any significant developments regarding this matter.
TNB is also involved in another tax dispute with the IRB. On Aug 20, 2024, it had received a tax bill totalling RM1.39 billion for additional assessments covering the years 2020 (RM685.8 million) and 2021 (RM705.2 million). It has also secured an interim stay from the High Court, halting the payment of this additional tax.
At the noon market break on Friday, TNB's share price settled up 12 sen or 0.9% at RM14.24, giving it a market capitalisation of RM82.8 billion. Its share price has risen 35.9% over the past one year.