UOA Development Faces Tax Assessment Penalties of MYR166 Million
MT Newswires Live
Oct 13
UOA Development's (KLSE:UOADEV) unit, Dutamas Assets, received an additional tax assessment with penalties totaling 165.7 million ringgit for the 2020 assessment year, according to a Friday Malaysian bourse filing.
Shares slid about 2% in Monday's late morning trade.
The notice was issued by the Director General of Inland Revenue (DGIR) over gains from the disposal of UOA Corporate Tower to UOA REIT, which the DGIR classified under corporate income tax instead of real property gains tax.
The property developer said it has strong grounds to challenge the assessment, and plans to file an appeal within 30 days.
UOA Development expects no immediate financial impact, it said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.