KUALA LUMPUR (May 13): The Federal Court has granted the Attorney General’s Chambers (AGC) leave to appeal against the Court of Appeal’s (COA) decision in favour of UEM Sunrise Bhd's (KL:UEMS) wholly owned unit UEM Land Bhd challenging the RM8.49 million additional tax assessment and penalty slapped by the Inland Revenue Board (IRB).
Last December, the appellate court allowed UEM Land’s appeal against the High Court’s decision in March 2023 to dismiss the company’s leave for a judicial review application and stay on payments of the additional taxes and penalty.
On this latest development, UEM Sunrise said it will defend this matter vigorously and make further announcements when there are material developments on the matter.
The notice of additional assessment and penalty of RM8.49 million was for the years 2013 to 2018, following the removal of Bumiputera quota and low-cost requirements at UEM Land’s selected developments in Iskandar Puteri.
The shares price of UEM Sunrise settled up two sen or 2.76% to 74.5 sen, giving the group a market capitalisation of RM3.77 billion.