DRB-Hicom to appeal against notice from IRB

KUALA LUMPUR: DRB-Hicom Bhd will appeal and, if required, initiate legal proceedings to challenge the basis and validity of the assessment notice from the Inland Revenue Board (IRB) amounting to RM246.25mil (including penalty) for the assessment year 2020.

In a filing with Bursa Malaysia, DRB-Hicom said the notice received by its subsidiary, Hicom Holdings Bhd (HHB) on Aug 30 was raised pursuant to IRB’s decision to treat a gain from the disposal of a long term investment held in a subsidiary as income subject to tax under Section 4(a) of the Income Tax Act 1967 for the year of assessment 2020.