The sum comprises RM333.11 million in additional income tax over transfer pricing, and RM20.02 million in deemed interest and penalties.
“Transfer pricing” refers to the pricing of transactions between related companies.
In a Bursa Malaysia filing today, Zetrix said the assessment MyEG received on Wednesday comprises RM333.11 million in additional income tax related to transfer pricing and RM20.02 million in deemed interest, including penalties.
“The same letter also notified MyEG that the Malaysian government has filed a civil suit against MyEG over this matter,” it said.
On Tuesday, transport minister Loke Siew Fook said the government was pursuing legal action against Zetrix and MyEG over their alleged failure to remit RM314 million in revenue collected on behalf of the road transport department.
Speaking in the Dewan Rakyat, he said government revenue collected by the companies should not be used to fund their operating expenses, and that delays in remitting the money constituted a serious breach of the terms of their agreement with the government.
Zetrix said MyEG is confident in the merits of its position and would take all necessary steps to safeguard its interests, including defending itself through the appropriate legal channels.
“Concurrently, MyEG has also filed an appeal to challenge the additional income tax assessment before the Special Commissioners of Income Tax while also seeking to resolve the matter amicably with LHDN.
“The company will make further announcements on any material developments in relation to the legal proceedings,” it said.
In a separate filing, Zetrix said it had yet to receive an official letter from the government concerning a news report published two days earlier that it planned to sue Zetrix over RM314 million in unremitted revenue. - FMT
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