KUALA LUMPUR: Mega First Corp Bhd ’s shares fell in early trade on Monday after the Inland Revenue Board dragged the company to court to claim RM26.3mil in owed tax by its subsidiary. The counter fell 10 sen, or 2.7% to RM3.61. The IRB is suing Mega First’s subsidiary to claim RM26.33mil in owed tax, The company, however, may challenge the suit on the grounds that the assessments for the years 2009 and 2010 cited by the board were statute barred. IRB has served the writ of summons and the statement of claim on Idaman Harmoni Sdn Bhd, a 65% subsidiary of Mega First. “Based on the advice from both the tax consultants and solicitors, Idaman Harmoni is of the view that the assessments raised by the IRB are statute barred and erroneous in law,” Mega First said.

Source: The Star September 25, 2017 01:41 UTC