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Westports slapped with additional tax bill

Westports slapped with additional tax bill
Malaysian port operator Westports Holdings has been served, vis subsidiary Wesports Malaysia (WMSB), with a notice of additional assessment for additional tax liabilities from the Inland Revenue Board (IRB) of Malaysia.

The additional tax liabilities, which include penalties, relate to the years of assessment from 2013 to 2018 and amount to MYR125,576,255 ($30.2m).

The tax authority says the notice relates to the annual lease payment made by WMSB to the Port Klang Authority as well as deferred revenues for the year of assessment 2018.

“WMSB has obtained confirmation from its tax advisors and legal advice from the tax solicitors to contend incontrovertibly that IRB’s interpretation is fundamentally erroneous. WMSB’s accounting policy and the treatment of the annual lease payments have been audited annually by among the largest professional accounting firms since 2013 with no qualification,” Westports said in a statement.

Westports says that it will appeal and contest the notice.

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