IRB tells Cocoaland to pay additional tax and penalty

Products made by Cocoaland

PETALING JAYA: Cocoaland Holdings Bhd’s unit will have to pay a total of RM5.89mil in additional income tax and penalty for the years of assessment 2010 to 2014.

In a filing with Bursa Malaysia, the food and beverage manufacturer said its wholly owned subsidiary – Cocoaland Industry Sdn Bhd – had been instructed by the Inland Revenue Board (IRB) to pay an additional income tax of RM4.06mil and a 45% penalty of RM1.83mil in a letter dated Oct 19, 2017.

“The additional income tax and penalty imposed by the IRB is mainly due to the reinvestment allowance claimed on certain plant and machinery that was disallowed on the basis that the capital expenditure incurred did not qualify and meet the requirements stated in Paragraph 8 of Schedule 7A to the Income Tax Act 1967,” Cocoaland explained.

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