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Thursday, 14 December 2017 | MYT 9:14 AM

Aeon Credit shares down over RM96.82mil tax bill

KUALA LUMPUR: Aeon Credit Service (M) Bhd is the top loser in early trade on Thursday after the Inland Revenue Board slapped the company with additional taxes and penalties of RM96.82mil.

Shares of the the non-bank lender fell 3.47%, or 46 sen to RM12.78, its lowest since early October 2017.

The additional tax bill goes back seven years to the assessment year 2010.

The company said it has appointed tax solicitors and is initiating proceedings to challenge the validity and legality of the said notices of additional assessment.

Aeon Credit said there are “reasonable grounds” to challenge the validity of the additional assessment raised by the director general of Inland Revenue and the penalties imposed.

It added that the company had sought professional advice from an independent and reputable audit and tax firms on its accounting and tax treatment.