KUALA LUMPUR: UOA Development Bhd
’s wholly-owned subsidiary, Distinctive Acres Sdn Bhd (DASB), has been served with a notice of additional assessment and penalty totalling RM165.66mil for the year of assessment 2020 by the Inland Revenue Board (IRB).
In a filing with Bursa Malaysia, UOA Development said the additional assessment was issued in relation to the gain from the disposal of its investment property, UOA Corporate Tower in Bangsar South, to UOA Real Estate Investment Trust (UOA REIT) in 2020.
The Director General of Inland Revenue (DGIR) had treated the gain as subject to corporate income tax rather than real property gains tax (RPGT), it said.
“Based on advice from our tax consultant, the company has a strong basis to challenge the basis of the said treatment and the validity of the additional tax notice. Accordingly, the company shall be filing a Notice of Appeal via Form Q within 30 days from today,” it said.
UOA Development said it will continue to provide updates on any material developments related to the matter.
