Westports hit with RM60m customs bill

In an announcement yesterday, Westports said it received an unfavourable decision from the Royal Malaysian Customs and Finance Ministry on a tax matter that dates back to 2008.

KUALA LUMPUR: Westports Holdings Bhd's unit Westports Malaysia Sdn Bhd has received several bills of demands totalling RM59.5mil from the Royal Malaysian Customs.

Westports said the demands, which were dated between July 17 and Sept 29 this year, included, inter alia, time-barred assessments for the years 2008 to 2011, import duty remittance for purchases of equipment and Goods and Services Tax for purchases made after April 2015.

The group said it has been engaging the authorities but received an unfavourable decision regarding the demands on Tuesday. It has since made an appeal to reach a settlement.

"The demands are not expected to have a material impact based on the net assets of the group," it added. 

The counter moved up one sen or 0.28% to RM3.57 on Wednesday with a low volume of shares traded.