KUALA LUMPUR (Sept 21): Maxis Bhd’s wholly-owned subsidiary, Maxis Broadband Sdn Bhd (MBSB) has been granted leave for judicial review by the High Court on Thursday in respect of a RM104 million penalty for its 2022 tax assessment, its Bursa Malaysia filing showed.

The High Court also granted a stay of all further proceedings, including the enforcement of the 2022 tax notice until the full and final determination of the judicial review.

To recap, on March 31, 2021, MBSB was served with an additional assessment notice of RM230 million for years of assessment 2018 and 2019. Before that, on Nov 20, 2020, MBSB had also been slapped with a RM140 million tax bill for the years of assessment 2016 and 2017.

These brought the total additional assessment across the five years from 2016 to 2020 to RM477 million, which Maxis is challenging in court.

Maxis' shares finished one sen or 0.25% lower at RM4.04, giving it a market capitalisation of RM31.64 billion.