KUALA LUMPUR (June 22): Tenaga Nasional Bhd (TNB)’s indirect subsidiary Southern Power Generation Sdn Bhd has received notices of assessment amounting to RM78.49 million from the Inland Revenue Board (IRB), which the unit is challenging via an application for a judicial review.

It said in a filing Thursday (June 22) that the unit, which is 70%-owned by TNB’s wholly owned TNB Power Generation Sdn Bhd, had received the notices of assessment dated May 26 for additional taxes for the years of assessment of 2017 to 2021.

“SPG has, on June 6, filed a judicial review against the IRB at the High Court of Malaya to challenge the matters arising from the said notices.

“On Thursday, the High Court granted an interim stay of all further proceedings including the enforcement of the notices until the leave hearing which has been fixed on Sept 14,” TNB's filing read.

The latest tax issue comes just a day after TNB announced that its joint venture with Malakoff Corp Bhd — Kapar Energy Ventures Sdn Bhd (KEV) — had just resolved its RM595.95 million tax dispute with the IRB.

Following the out-of-court settlement at an undisclosed sum, KEV, which had similarly filed for judicial review to challenge the additional tax assessment, withdrew its suit.

TNB's share price closed one sen or 0.11% higher at RM9.20 on Thursday, bringing it a market capitalisation of RM53.24 billion.

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