Astro is being charged RM0.73 billion and will appeal to challenge the Inland Revenue Authority

The company reported to the Malaysian Stock Exchange today that the two companies mentioned above are Astro Shaw Private Limited (ASSB) and MEASAT Broadcast Network Systems Private Limited (MBNS), respectively. They all received tax collection notices from the Inland Revenue Service on July 9.

According to the statement, MBNS and ASSB were each subject to tax charges of RM0.7 billion12.86 million5984 and RM22.01 million1,627 from 2019 to 2023, as well as fines.

According to Astro, the above tax recovery action was because the Inland Revenue Service did not allow MBNS and ASSB to calculate certain taxes for the relevant period as production costs.

MBNS and ASSB can appeal the tax authority's decision within 30 days of receipt of the notice.

After legal advice, MBNS and ASSB believe that they have sufficient grounds and reasonable grounds to file an appeal, so they both intend to appeal and, if necessary, initiate legal action to challenge the Inland Revenue Department's decision.

Astro will provide updates to the public as events unfold in any significant developments.

The market closed today. Astro reported 31 cents, starting at 0.5 cents or 1.64%, with a trading volume of 8.04 million1,100 shares.