KUALA LUMPUR: YNH Property Bhd
's wholly owned subsidiary, YNH Construction Sdn Bhd, has received approval from the Inland Revenue Board of Malaysia (IRB) for a revised settlement arrangement relating to a winding-up petition previously filed against the unit.
In a statement, YNH said the approval was received on July 23 following discussions between the parties.
At a High Court hearing on July 16, no winding-up order was made against YNH Construction. The court fixed a further hearing for Oct 27 pending completion of the settlement arrangement with IRB.
Under the approved arrangement, YNH Construction will settle its outstanding tax liability of RM5.16mil by Sept 10.
IRB has also agreed to waive a tax increase of RM1.71mil imposed under Section 103 of the Income Tax Act 1967, subject to YNH Construction fully settling the outstanding tax liability in accordance with the approved payment schedule.
“The approved settlement arrangement provides YNH Construction with a clear and structured path to resolve this matter. Our immediate priority is to fulfil the agreed payment schedule in full and complete the settlement in an orderly manner.
“The conditional waiver of the RM1.71mil tax increase is also a positive outcome, as it reduces the overall financial obligation upon full compliance with the approved arrangement,” it said.
YNH said it did not issue an update after the July 16 court hearing as the revised arrangement remained subject to IRB's final approval and written confirmation.
The group said it would complete the settlement in line with the approved payment schedule and make further announcements if there are any material developments.
