Astro’s subsidiaries served with additional RM734.88mil tax assessments

PETALING JAYA: Astro Malaysia Holdings Bhd’s wholly-owned subsidiaries, Astro Shaw Sdn Bhd (ASSB) and Measat Broadcast Network Systems Sdn Bhd, have been served with additional assessment notices by the Inland Revenue Board (IRB) totalling RM734.88mil.

In a filing with Bursa Malaysia, Astro said ASSB and MBNS were served with the notices for years of assessment 2019 to 2023 amounting to RM22.01mil and RM712.87mil (including penalties), respectively.

“The notices were raised pursuant to the disallowance of production costs incurred during the said years of assessment by the IRB.”

Astro said ASSB and MBNS are given 30 days from the date of the notices to appeal against the IRB’s decision.

“Based on legal advice obtained, ASSB and MBNS are of the view that there are fair and reasonable grounds to defend against the notices.

“Therefore, both ASSB and MBNS intend to appeal and if required, initiate legal proceedings to challenge the basis and validity of the Notices raised by the IRB.

Astro said it will provide updates from time to time of any material development to this matter.