Malaysia: Carlsberg Brewery Malaysia told to pay RM6.36 mln penalty on bill of demand
Carlsberg Brewery Malaysia Bhd has been told to pay RM6.36 million to the Customs Department as a full and final settlement on its bill of demand for sales tax and excise duty, The Edge Markets MY reported on June 15.
As a result, it said the financial impact of the settlement represents approximately 2.2% and 4.1% of the group's net earnings and net assets, respectively, for the year ended Dec 31, 2019.
In a filing, Carlsberg said it received on June 15 a letter dated June 3, 2020 from the Royal Malaysian Customs of Selangor notifying the company of its decision regarding the company's appeal for remission of the bill of demand dated Sep 17, 2014.
Carlsberg said it shall proceed to remit the payment of RM6.36 million as the agreed total claimable amount to the Customs, as full and final closure of the matter.
In September 2014, Carlsberg said it was slapped with excise duty, sales tax and penalty claims amounting to RM56.4 million.
This comprised 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.
Then in Feb 14 this year, Carlsberg said Customs had cancelled its bill of demand claiming for sales tax and penalty totalling RM20.65 million, which included sales tax amounting to RM13.76 million and the penalty amounting to RM6.88 million.
Shares in Carlsberg have gained 34% since falling to a recent low of RM17.88 on March 19 after the government imposed the Movement Control Order. It closed at RM23.98 for a market capitalisation of RM7.33 billion.
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