144 Annual Report 2022 Notes to the Financial Statements For the Financial Year Ended 30 September 2022 TAX EXPENSE (CONT’D) 8. The Finance Act 2021 gazetted on 31 December 2021 enacted that any accumulated tax losses brought forward from the year of assessment 2018 can be carried forward for another 10 consecutive years of assessment. Upon expiry of the 10 years, the unused tax losses will be disregarded. Business loss incurred in year of assessment RM Carried forward up to YA 39,006,075 Unutilised amount will be disregarded in YA 2029 8,360,720 2019 2030 3,701,319 2020 2028 18,647,959 2018 2031 6,076,382 2021 2022 2030 2031 2029 2032 2033 2032 2,219,695 Under the Indonesia tax regulations, the unused tax losses can be utilised within 5 years after the losses were incurred. Business loss incurred in year of assessment RM Carried forward up to YA Unutilised amount will be disregarded in YA 2023 5,611,938 2018 2024 Tax Assessments YA2019 On 7 January 2021, PT Maju Kalimantan Hadapan (“PTMKH”), a subsidiary of the Company, received a Notice of Tax Overpaid Assessment from the Indonesia’s Director General of Tax (“DGT”) amounting to IDR29,816 million, equivalent to RM8.68 million for the year of assessment 2019. On 1 April 2021, PTMKH filed an objection letter in reply to the above Notice of Tax Overpaid Assessment, as management are of the opinion, PTMKH should have tax refund amounting to IDR35,281 million, equivalent to RM10.27 million. DGT have restricted the claim on management fee incurred by PTMKH amounted to IDR21,855 million, equivalent to RM6.37 million which resulted in additional tax liability of IDR5,464 million, equal to RM1.59 million. On 24 December 2021, the objection letter has been rejected by tax appeal office in Balikpapan, Indonesia. On 18 March 2022, PTMKH filed an appeal to tax court in Jakarta, Indonesia. On 24 August 2022, PTMKH received a notice of tax hearing from Jakarta’s tax court to attend the said tax appeal on 7 September 2022. The Jakarta’s tax court had requested PTMKH to provide additional analysis and summary report for the tax assessment during the tax hearing on 7 September 2022, 5 October 2022, 9 November 2022 and 7 December 2022. The Jakarta’s tax court has verbally informed PTMKH that next tax hearing will be held on 25 January 2023. Based on consultation with the local tax experts, the directors of PTMKH are of the opinion that PTMKH has a valid defence against DGT’s assessment. Accordingly, PTMKH has not made any adjustments in respect of the tax assessment in the financial statements of the Group and PTMKH.
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