EcoFirst: No impact from IRB tax claims

KUALA LUMPUR, Nov 15 (Bernama) — Property development group EcoFirst Consolidated Bhd does not expect any financial and operational impact from the Inland Revenue Board’s (IRB) RM1.34 million tax claims from the group’s subsidiary, Sawitani Sdn Bhd.

The group said Sawitani received a winding-up petition yesterday from the IRB and the tax claims were derived from an outstanding sum of RM963,849.31 plus interest at the rate of 8.0 per cent per annum and cost of RM2,000.

“The claims are fully accounted for in our financial statements and we don’t expect any loss arising from this,” said Group Chief Executive Officer Datuk Tiong Kwing Hee in a statement today.

He said the group’s management, as well as its financial and legal advisers, were taking steps to resolve the matter amicably with the IRB.

“We aim to propose another settlement before the date of trial on Jan 17, 2019, and in the event the proposal is accepted, the IRB will withdraw the winding-up petition,” Tiong added.

Previously, EcoFirst had proposed a settlement but received no feedback from IRB.

Until the receipt of the winding-up petition, the group was unaware that the proposal was rejected by IRB, which issued a Statutory Notice of Demand to the incorrect registered address.

Publication: Bernama

Language: English

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