KUALA LUMPUR: Shares of LAFARGE MALAYAN CEMENT BHD [] fell in early trade on Tuesday, April 19 after the Income Tax Board of Review of Singapore dismissed the appeal of LMCB Holding Pte Ltd (LCMBH) in connection with the tax refunds received by LMCBH for years of assessment 2004 to 2006.
LCMBH is a wholly owned unit of Lafarge.
At 9.05am, Lafarge fell 24 sen to RM7.13.
On Monday, April 18, Lafarge said LMCBH would be filing an appeal to the High Court against the decision of the Income Tax Board of Review of Singapore based on legal professional advice that there are strong grounds of appeal.
'In the event the final decision is not favourable to LMCBH, the total tax refunds recognised for the financial years ended 31 December 2003 to 2007 amounting to RM38.551 million would have to be reversed,' it said.
LCMBH is a wholly owned unit of Lafarge.
At 9.05am, Lafarge fell 24 sen to RM7.13.
On Monday, April 18, Lafarge said LMCBH would be filing an appeal to the High Court against the decision of the Income Tax Board of Review of Singapore based on legal professional advice that there are strong grounds of appeal.
'In the event the final decision is not favourable to LMCBH, the total tax refunds recognised for the financial years ended 31 December 2003 to 2007 amounting to RM38.551 million would have to be reversed,' it said.
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