KUALA LUMPUR: The Finance Ministry has agreed to rescind a penalty of RM531,732 imposed on Karyon Industries Bhd
’s unit Allbright Industries (M) Sdn Bhd provided it pays its outstanding sales tax of RM1.063mil in full by the end of the year.
Karyon, which makes products from polymers and oleochemicals, told Bursa Malaysia that the ministry’s letter dated June 2 also said there would be no refund for penalty or compound that had been partially or fully paid.
The company did not reveal whether the penalty had been partially or fully paid, but said that further development of the above matter would be announced to Bursa Malaysia in due course.
To recap, Allbright Industries, which makes plastic additives and industrial chemical products, was instructed by the Customs Department in a letter dated April 12, 2016, to pay an outstanding sales tax as well as penalty of RM531,732 “due to different classification of product tariff code.”
It submitted a letter of appeal on May 10.
For the 15-month financial period to March 31, 2016, Karyon made a net profit of RM4.63mil on revenue of RM157.45mil.
Karyon closed unchanged on Friday at 16.5 sen, with 332,000 shares traded.
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