KUALA LUMPUR: Titijaya Land Bhd
’s wholly-owned subsidiary Shah Alam City Centre Sdn Bhd (SACC) has received a notice of additional tax assessment amounting to RM9.6mil from the Director General of Inland Revenue.
In a filing with Bursa Malaysia, the property developer said the notice relates to the Year of Assessment 2024 involving compensation monies received in December 2023 under the Land Acquisition Act 1960.
“After taking into account the advice from both the company's tax consultant and solicitors, SACC believes that there are reasonable grounds to appeal and contest the basis of the assessments.
“Therefore, no additional provision for income tax has been made by the company. SACC will be seeking judicial reviews and file a stay order on the Notice, besides making formal appeal to the Special Commissioner of Income Taxes within the legal time frame,” Titijaya said.
Titijaya said it will continue taking the necessary steps to protect its interests and will announce further developments when material updates arise.
