Maxis has announced that it was served with notice of additional assessment with a penalty for the year of assessment 2021 totaling RM71.7 million.
In a filing to Bursa the telco said the 2023 Notice was raised mainly due to the disallowance of its deduction of interest expenses incurred during the said year of assessment and hence, similar in nature to the notices received in the past years in respect of years of assessment 2016 up till 2020.
The telco added that based on legal advice it had obtained, it will initiate legal proceedings to challenge the basis and validity of the disputed 2023 Notice raised by the Director General of the Inland Revenue and the penalty imposed.
Maxis also said the notice will not be any imminent financial effects on the group pending the outcome of the legal proceedings.
