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Magnum's tax case 'could deter business formations in Malaysia'

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Published Thu, Jul 20, 2017 · 09:50 PM

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    Kuala Lumpur

    SINCE it was slapped with assessment notices and penalties amounting to nearly RM477 million (S$152.2 million) by the Internal Revenue Board (IRB) two months ago, Magnum Bhd's tax imbroglio has been closely followed by corporate Malaysia nervous about the taxman's stricter interpretation of tax laws.

    Magnum's leave application for judicial review has been fixed by the Kuala Lumpur High Court for August 9. An interim stay of proceedings granted on June 6 has also been extended until August 9, it said in a filing to the stock exchange on Wednesday.

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