News

The Board of Directors of ASB wishes to announce that ASC Credit Sdn Bhd (“ASCC”), an indirect wholly-owned subsidiary of ASB, had received a notice of additional assessment dated 14 November 2013 (hereinafter referred to as “the Notice of Additional Assessment”) from Malaysia Inland Revenue Board (“IRB”) in the amount of RM1,223,350.00 and a penalty charge of RM550,507.50 for the year of assessment 2009. The additional assessment is in respect of disallowance of certain expenses by the IRB.

ASCC has agreed and accepted the assessment raised by IRB as stipulated in the Notice of Additional Assessment but will object to the imposition of penalty raised under Section 113(2) of the Income Tax Act, 1967 and will also file an appeal to the IRB for the removal of such penalty. Notwithstanding the outcome of the appeal and objection in respect of the tax penalty, the Group has provided the amount in full for the financial year ending 31 December 2013 on a prudent basis.