"Violence begets violence; hate begets hate; and toughness begets a greater toughness. It is all a descending spiral, and the end is destruction — for everybody. Along the way of life, someone must have enough sense and morality to cut off the chain of hate." -Martin Luther King Jr.
Bentong Kali, 04 gang, and Hibiscus don't pay taxes
---- Masidi: Two oil and gas firms yet to settle unpaid SST with Sabah govt Thursday, 18 Aug 2022
The two Hibiscus Petroleum Bhd-owned oil and gas companies with overdue state sales tax (SST) have yet to settle the outstanding amount with the Sabah government.
During the state assembly sitting in July, Masidi said the state government will cancel all work permits issued to the two companies if they fail to settle the overdue SST amounting to RM97mil.
At the time, he said notices were given to both firms on June 21, and the amount was supposed to be settled in full within 30 days.
He added that the state government reserves the right to take legal action against the companies.
Asked if the state government would proceed with revoking work passes to the companies, he said: "We will pursue, within our constitutional and legal power of the state, whatever (avenues are) available.This is being dealt with by the (government) side, with Petronas. We will update the media if and when the need arises,” said Masidi.
Masidi noted that the government had not encountered such problems with any other oil and gas companies.
“Our new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes,” Franklin
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On 27 December 2019, the IRB raised a Notice of Additional Assessment for YA2014 under the PITA against HML/PCSB/HMPM3/PVEP – Block PM3 CAA Production Sharing Contract dated 16 February 1989 as amended (“PM3 CAA PSC”) that is deemed to be a chargeable person under the PITA for additional tax and penalty amounting to RM95,641,365.08 (“Notice of Additional Assessment for YA 2014”), disallowing several PSC costs and sole costs of HML. Of this total amount, the portion potentially attributable to HML and HMPM3 is estimated to be an amount of up to RM79,168,229.90.
On 9 January 2020, HML (on behalf of the PM3 CAA Partners) filed a notice of appeal (Form Q) to the Special Commissioners of Petroleum Income Tax (“SCPIT”) against the Notice of Additional Assessment for YA 2014. The next mention for this appeal is scheduled for 3 October 2022.
On 31 December 2020, the IRB raised Notices of Assessment for YA 2015 and YA 2016 under the PITA against the PM3 CAA PSC for additional taxes and penalties totaling RM166,282,868.93 (“Notices of Assessment for YA 2015 and YA 2016”), disallowing several PSC costs and sole costs of HML. Of this total amount, the portion potentially attributable to HML and HMPM3 is estimated to be an amount of up to RM16,446,882.48.
$1 billion is not not FCF or Op CF After WC Adjustments...unless you are saying no need to pay all expenses and liabilities and live in Alice Wonderland
Quantum Commodity Intelligence – Middle East crude prices Monday was cautiously higher after Russia’s closure of the Nord Stream 1 pipeline helped underpin global energy prices, while diesel cracks spiked, tracking European swaps higher.
Gasoline cracks jumped a dollar and are now near a one-week high as the market corrected from negative territory and the backwardation firmed significantly.
Diesel paper cracks jumped with Q4 at $41/b, up $3/b from Friday
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Sslee
7,399 posts
Posted by Sslee > 2022-09-05 15:15 | Report Abuse
Knowing what all of you are up to, I will wait and let Q3 and Q4 financial results speak for itself.