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MoF rejects BSL unit’s appeal to cancel RM11mil in taxes

MoF rejects BSL unit’s appeal to cancel RM11mil in taxes

KUALA LUMPUR: The Finance Ministry (MoF) has rejected the appeal by BSL Corp Bhd’s unit Crestronics (M) Sdn Bhd to set aside import duty and sales tax totalling RM11.13mil. In a filing with Bursa Malaysia, the electronic manufacturing services firm said the MoF stated that its decision was final and further appeal would not be considered. “Based on the decision made by MoF, Crestronics intends to appeal to the Director General of Customs against the bills of demand issued by the Royal Malaysian Customs Selangor,” it said. BSL added that the board was unable to determine precisely the financial impact on the group for the financial year ending Aug 31, 2017, pending the appeal.

Crestronics had on Dec 24, 2014, received two bills of demand from the Customs Department for an import duty of RM6.49mil for the period December 2011 to July 2014, and sales tax totalling RM4.64mil for the period from December 2011 to July 2014. BSL said it would provide an update on any material developments on the matter. The BSL group reported a profit after tax of RM4.59mil for the financial year ended Aug 31, 2016, against a loss after tax of RM3.53mil in the previous financial year. The better result was contributed by the conversion of doubtful debt into securities, the improved performance of the printed circuit board assembly operation and the disposal of a vacant factory in Klang.