KUALA LUMPUR (Oct 8): UEM Sunrise Bhd (KL:UEM) has lost its attempt to challenge the Inland Revenue Board’s (IRB) additional tax assessment and penalty of RM8.49 million, after the Federal Court overturned a prior ruling that favoured the property developer.
In a filing with Bursa Malaysia, UEM Sunrise said the Federal Court on Wednesday (Oct 8) allowed the Attorney General Chambers’ appeal against the Court of Appeal’s December 2024 decision, which had granted its wholly owned UEM Land Bhd (UEML) leave to pursue a judicial review against the Finance Ministry and a stay of payments for the disputed taxes, penalties and interest.
“Therefore, the Court of Appeal’s decision dated Dec 19, 2024, is set aside and the High Court’s decision to dismiss UEML’s leave for a judicial review application against the Minister of Finance is affirmed,” said UEM Sunrise.
“As such, the stay of tax payment previously granted by the Court of Appeal has now lapsed."
UEML will, however, continue to pursue its appeal before the Special Commissioner of Income Tax (SCIT), it added.
UEML was issued the notice of additional tax assessment and penalty on May 3, 2021. The RM8.49 million claim, covering years of assessment from 2013 to 2018, relates to the removal of the Bumiputera quota and low-cost housing requirements at certain developments in Iskandar Puteri, Johor.
Shares of UEM Sunrise rose half a sen or 0.69% to close at 73 sen on Wednesday, giving the company a market capitalisation of RM3.67 billion.