Sime Darby to appeal RM150.18mil tax assessments

Sime Darby Bhd's wholly owned subsidiary, Sime Darby Holdings Bhd (SDHB), plans to challenge a tax assessment of RM150.18 million issued by the Inland Revenue Board (LHDN) for the years 2017 to 2023. The tax authorities determined that interest income from SDHB's treasury activities was taxable under Section 4(c) of the Income Tax Act 1967.

The company received the notices on September 30 and was given 30 days to file an appeal. After seeking advice from its tax and legal advisors, SDHB believes it has strong legal grounds to contest the assessments. It intends to initiate legal proceedings to challenge the validity of the LHDN's notices. The company will provide additional updates if there are any significant developments.