UOA Devt slips after hit with nearly RM40m taxes

KUALA LUMPUR: Shares of UOA Development Bhd slipped to a low of RM2.32 on Tuesday after its two units were slapped with additional income tax and penalties totalling RM39.61mil while the company as it has filed an appeal.

At midday, the shares were down five sen to RM2.32. There were 85,200 shares done.

The FBM KLCI fell 2.45 points or 0.15% to 1,686.11. Turnover was 1.50 billion shares done valued at RM845.35mil. There were 348 gainers, 367 losers and 341 counters unchanged.

On Monday, the property developer announced that two of its units Windsor Triumph Sdn Bhd and Sunny Uptown Sdn Bhd were served by the Inland Revenue Board (IRB) with notices of additional assessment for the year of assessment 2013.

The additional income tax totalled RM25.55mil and penalty totalled RM14.05mil.

“Both subsidiaries relied on valuations by a professional, independent and experienced registered valuer. These valuations were adjusted by the IRB by substituting them with valuations subsequently conducted by the Jabatan Penilaian dan Perkhidmatan Harta. 

“Upon consulting the company’s tax solicitors, the company is of the view that there are strong grounds to challenge the basis and validity of the disputed notices of additional assessment raised by the IRB and the penalty imposed. 

“Windsor Triumph Sdn Bhd and Sunny Uptown Sdn Bhd have filed an appeal to dispute the said notices of additional assessment,” it said.


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