Additional corporate tax assessment for prior fiscal years imposed on a Malaysian subsidiary
First written in FY2018-Q4. 4 of 10 entries say "Restated". Latest entry: FY2021-Q3.
No other company in this theme has enough history to compare yet.
- FY2021-Q3MitigatedAnnual report
「The Company subsequently reached a settlement agreement with the Inland Revenue Board of Malaysia for an additional assessment of MYR 10 million. The additional assessment was recognized as a provision in the third-quarter consolidated financial statements and paid on 30 December 2020.」
The Company reached a settlement for MYR 10 million concerning the MYR 96 million additional assessment, recognized a provision, and completed payment on 30 December 2020. - FY2021-Q2Progress in settlement negotiations concerning the additional assessmentAnnual report
「The Company has determined that it has reasonable grounds for disagreeing with the notice and continues to pursue legal proceedings, while also negotiating a settlement agreement with the Inland Revenue Board of Malaysia.」
While legal proceedings concerning the MYR 96 million additional assessment remain ongoing, the Company is negotiating a settlement agreement with the Inland Revenue Board of Malaysia. - FY2021-Q1RestatedAnnual report
「The Company has determined that it has reasonable grounds for disagreeing with the notice and continues to pursue legal proceedings. Although the Court of Appeal dismissed the application for an interim stay order on 5 April 2019, the Company subsequently obtained a judgment and approval from the High Court granting a payment deferral. It continues to prepare for the hearing on its application for judicial review.」
Legal proceedings and preparations for the hearing concerning the MYR 96 million additional assessment against the Malaysian subsidiary remain ongoing, and the payment deferral granted by the High Court remains in effect. - FY2020-Q4MitigatedAnnual report
「Although the Court of Appeal dismissed the application for an interim stay order on 5 April 2019, the Company subsequently obtained a judgment and approval from the High Court granting a payment deferral. It continues to prepare for the hearing on its application for judicial review.」
Legal proceedings concerning the MYR 96 million additional assessment against the Malaysian subsidiary remain ongoing, but the Company obtained a judgment and approval from the High Court granting a payment deferral. - FY2020-Q2RestatedAnnual report
「The Company has determined that it has reasonable grounds for disagreeing with the notice and continues to pursue legal proceedings. The Court of Appeal dismissed the application for an interim stay order on 5 April 2019, and the Company is currently preparing for the hearing on its application for judicial review.」
Legal proceedings concerning the additional assessment against the Malaysian subsidiary and preparations for the hearing on the application for judicial review are ongoing. - FY2019WorsenedAnnual report
「The Court of Appeal dismissed the application for an interim stay order on 5 April 2019, and the Company is currently preparing for the hearing on its application for judicial review scheduled for 1 July 2019.」
Regarding the MYR 96 million additional assessment against the Malaysian subsidiary, the application for an interim stay order was dismissed, and the Company proceeded with preparations for the hearing on its application for judicial review. - FY2019-Q3RestatedAnnual report
「Although the Company has obtained an opinion from an external expert and believes that its position is reasonable, it has determined that the impact of the additional assessment on results will depend on developments going forward. Accordingly, the amount stated in the additional assessment notice has not been reflected in the interim consolidated financial statements at this time.」
The appeal concerning the MYR 96 million additional assessment against the Malaysian subsidiary remains ongoing, and the Company has reconfirmed that the notified amount has not been reflected in the interim consolidated financial statements. - FY2019-Q2RestatedAnnual report
「The above application for an interim stay order was subsequently dismissed on 8 May 2018, and the Company appealed to the Court of Appeal on the same day. Although the Company has obtained an opinion from an external expert and believes that its position is reasonable, it has determined that the impact of the additional assessment on results will depend on developments going forward. Accordingly, the amount stated in the additional assessment notice has not been reflected in the quarterly consolidated financial statements at this time.」
The appeal concerning the MYR 96 million additional assessment against the Malaysian subsidiary remains ongoing, and the Company has reconfirmed that the notified amount has not been reflected in the financial statements. - FY2018WorsenedAnnual report
「As the above application for judicial review was dismissed on 5 March, the Company appealed to the Court of Appeal on the same day and began procedures to apply to the High Court for an interim stay order. The above application for an interim stay order was subsequently dismissed on 8 May 2018, and the Company appealed to the Court of Appeal on the same day.」
The applications for judicial review and an interim stay order concerning the MYR 96 million additional assessment against the Malaysian subsidiary were dismissed, and the Company appealed both decisions. The notified amount remains unreflected in the financial statements. - FY2018-Q4First statedAnnual report
「AEON CREDIT SERVICE (M) BERHAD, a consolidated subsidiary of the Company (the “Company” hereafter), received a notice of additional assessment on 12 December 2017 from the Inland Revenue Board of Malaysia, ordering it to pay MYR 96 million in corporate income tax for fiscal years 2009 through 2015. As the notice orders payment again for transactions that have already been assessed for tax and cannot be accepted, the Company applied for judicial review of the stay order on 14 December 2017. Although the Company has obtained an opinion from an external expert and believes that its position is reasonable, it has determined that the impact of the additional assessment on results will depend on developments going forward. Accordingly, the amount stated in the additional assessment notice has not been reflected in the quarterly consolidated financial statements at this time.」
The Malaysian subsidiary received a notice of additional assessment for MYR 96 million in prior-year corporate income tax and applied for judicial review. The Company stated that the impact would depend on developments going forward and has not reflected the notified amount in the quarterly consolidated financial statements.