Malaysia: Customs cancels Carlsbergs RM21 mln bill of demand
Lady luck seems to be smiling on Carlsberg Brewery Malaysia Bhd. The brewery announced on February 14 that Customs has cancelled its bill of demand claiming for sales tax and penalty totalling RM20.65 million, The Edge Markets reported.
The company told the stock exchange that it received a letter from the Selangor State Director of Royal Malaysian Customs on February 13.
The letter confirms that "the bill of demand for sales tax amounting to RM13.76 million and the penalty amounting to RM6.88 million for the period of July 1, 2011 to Jan 14, 2014 has been cancelled", said Carlsberg in a filing to Bursa Malaysia.
The cancellation took effect on Jan 15, 2020, it added.
This is the second piece of good news in two consecutive days for Carlsbergs shareholders. The company will be included in the MSCI Global Standard Index effective Feb 28, and this has lifted the stock to a record high.
On the bill of demand, to recap, in September 2014, Carlsberg said it was slapped with excise duty, sales tax and penalty claims amounting to RM56.4 million.
The state customs had then demanded excise duty amounting to RM35.7 million, sales tax amounting to RM13.76 million and a penalty amounting to RM6.88 million for the period from July 1, 2011 to Jan 14, 2014.
Carlsberg then refuted the liability on the demands and said it was seeking advice on the matter.
The brewery surged past RM11 billion in its market capitalisation at its close today. The stock finished up 34 sen or 0.95% at RM36 as its share price rose for a second straight day ahead of its inclusion into the MSCI Global Standard Index by month-end.
E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at email@example.com .