PETALING JAYA: Kumpulan Perangsang Selangor Bhd
(KPS), which is controlled by the Selangor state government, is appealing against the RM7.89mil capital gains tax (CGT) assessment and non-filing penalty imposed by the Inland Revenue Board (IRB).
Pursuant to the divestment of 50% stake in Kaiserkorp Corp Sdn Bhd that holds the licence for King Koil mattresses, the IRB requires KPS’s unit Bold Approach Sdn Bhd (BASB) to pay a 2% CGT valued at RM5.44mil.
A non-filing penalty of 45% was also imposed on the CGT, giving rise to a penalty of RM2.45mil.
The total amount of RM7.89mil is payable by Dec 28, 2024.
KPS said there are reasonable grounds to apply for cancellation of the CGT assessment and penalty.
This is because the Kaiserkorp shares were disposed of on Jan 9, 2024 and this falls under the exemption period of Jan 1 to Feb 29, 2024 in the Income Tax (Exemption) (No. 7) Order 2023.
