Malaysian port operator Westports Holdings has been served, vis subsidiary Wesports Malaysia (WMSB), with a discover of extra evaluation for extra tax liabilities from the Inland Income Board (IRB) of Malaysia.
The extra tax liabilities, which embody penalties, relate to the years of evaluation from 2013 to 2018 and quantity to MYR125,576,255 ($30.2m).
The tax authority says the discover pertains to the annual lease fee made by WMSB to the Port Klang Authority in addition to deferred revenues for the 12 months of evaluation 2018.
“WMSB has obtained affirmation from its tax advisors and authorized recommendation from the tax solicitors to contend incontrovertibly that IRB’s interpretation is basically misguided. WMSB’s accounting coverage and the remedy of the annual lease funds have been audited yearly by among the many largest skilled accounting companies since 2013 with no qualification,” Westports mentioned in a press release.
Westports says that it’s going to enchantment and contest the discover.