HUP SENG INDUSTRIES BERHAD ("HSIB" or "the Company") ~ TAX LIABILITY

HUP SENG INDUSTRIES BERHAD

Type

Announcement
SubjectHUP SENG INDUSTRIES BERHAD ("HSIB" or "the Company")
~ TAX LIABILITY

Contents :

The Board of Directors of HSIB wishes to announce that the Inland Revenue Board ("IRB") has raised a notice of assessment for additional tax liability and penalty totaling RM2,545,116.51 (Ringgit Malaysia Two Million Five Hundred Forty Five Thousand One Hundred Sixteen and Sen Fifty One Only) on its wholly-owned subsidiary, Hup Seng Perusahaan Makanan (M) Sdn Bhd.


However, IRB subsequently waived the default penalty (10% and further 5%) of RM341,516-67 (Ringgit Malaysia Three Hundred Forty One Thousand Five Hundred Sixteen and Sen Sixty Seven Only) after a negotiation with the Company.

Meanwhile, the Company is submitting an application to the IRB to waive the tax penalty of RM833,269-92 (Ringgit Malaysia Eight Hundred Thirty Three Thousand Two Hundred Sixty Nine and Sen Ninety Two Only) whilst the tax liability to be settled by installments.

An appropriate announcement will be made in due course as and when the Company is in a position to do so.



Announcement Info

Company NameHUP SENG INDUSTRIES BERHAD  
Stock Name HUPSENG    
Date Announced27 Mar 2007  
CategoryGeneral Announcement
Reference NoHS-070327-50AC3