KUALA LUMPUR: The taxman has directed MMC Corp Bhd to pay RM45.90mil as additional income tax and penalties for the years of assessment 2011 to 2013. MMC, which is involved in ports, logistics and power generation, said yesterday it had received the notices of assessment from the Inland Revenue Board (IRB) as interest expenses relating to certain investments did not qualify for tax deduction under Section 33 of the Income Tax Act, 1967. “Upon consulting with its tax counsel, MMC is of the view that there are reasonable grounds to challenge the notices of assessment raised by the IRB. “Nevertheless, MMC will be making full payment of the additional income tax on a without-prejudice basis to the IRB,” it said.

Source: The Star December 29, 2017 22:41 UTC