KUALA LUMPUR (Oct 5): The Inland Revenue Board (IRB) has sent notices to Mega First Corp Bhd's unit Idaman Harmoni Sdn Bhd for additional taxes and penalties totalling RM22.8 million. However, Idaman Harmoni said in its defence that the assessments raised by the IRB are "statute barred and erroneous in law". "The IRB has taken the view that there is a deemed disposal of the PJ8 property by Idaman Harmoni which is subject to income tax," it explained. It pointed out the transaction was treated by Idaman Harmoni as a capital transaction which is liable to real property gains tax in 2004. According to Mega First, Idaman Harmoni is a property investment company and has not disposed of any of its PJ8 properties since completion.

Source: The Edge Markets October 05, 2016 12:56 UTC