Maxis Broadband slapped with RM140 million tax bill

by NUR HANANI AZMAN/FILE PIX

Maxis Bhd’s wholly owned Maxis Broadband Sdn Bhd (MBSB) was served with notices of additional assessment with penalties totaling RM140 million by the Inland Revenue Board.

According to Maxis, the notices were for the year of assessment 2016 and 2017.

“Notices of additional assessment were raised mainly pursuant to the disallowance of MBSB’s deduction of interest expenses incurred during the said years of assessment.

“Based on legal advice obtained, MBSB will initiate legal proceedings to challenge the basis and validity of the disputed notices of additional assessment raised by the director general of Inland Revenue and the penalty imposed,” Maxis said in a filing with Bursa Malaysia today.

There will not be any imminent financial effects on the Maxis group pending the outcome of the legal proceedings. 

 The company will provide updates from time to time of any material development to this matter.