KUALA LUMPUR, July 12 — The Inland Revenue Department (LHDN) is demanding an additional RM734.9 million in taxes from Astro Malaysia Holdings Bhd for the 2019-2023 assessment years, including penalties.
In a filing with Bursa Malaysia, Astro said the additional taxes were for deductions made for production costs, which the LHDN said were not allowed during the period.
The tax bill is approximately half of the firm’s entire share value at the moment.
The additional taxes were assessed on subsidiaries Astro Shaw Sdn Bhd (RM712.9 million) and MEASAT Broadcast Network Systems Sdn Bhd (RM22 million).
The firms have 30 days to appeal the decision, with Astro saying both will contest the additional penalties or start legal action, if needed.
