Gen Malaysia tax appeal withdrawal revenue falls

우리카지노 탑⭐️은 수 많은 온라인카지노⭐️중 여러가지 검증을 거쳐 우리카지노⭐️ 계열 카지노⭐️를 즐길 수 있는 카지노사이트⭐️와 바카라⭐️를 즐길 수 있는 바카라사이트⭐️들을 엄선하여 추천드립니다.

Genting Malaysia Bhd, operator of Resort World Genting, said its board had decided to withdraw judicial review of the Malaysian government's decision regarding some promised tax benefits for its multi-billion dollar overhaul plan for the complex.

The information was submitted in a statement submitted to Bursa Malaysia on Thursday, which at least one broker said was lowering estimates for Genting Malaysia's 2019 and 2020 earnings.

The Resort World Genting Reorganization, called the Genting Integrated Tourism Plan (GITP), began in December 2013. It is a multi-level plan, described as a 10-year MYR 10 billion master plan, which is equivalent to about $2.4 billion.

Announcing the tax appeal in January, the casino operator said the Kuala Lumpur High Court had approved a leave to begin judicial review of relevant Treasury decisions on income tax matters, and also approved a hold on the decision to "hold applications for judicial review to the High Court."

Genting Malaysia had earlier filed an appeal with the Treasury on the matter, but the appeal was rejected in September 2018.

A note on Thursday from Maybank IB Research indicated that the casino operator's decision to withdraw the appeal "will lead to higher corporate tax rates for the foreseeable future."

"We lower our earnings per share estimates by 9% per annum for fiscal 2019 and 2020 but raise our earnings per share estimates by 2% for fiscal 2021," wrote Samuel Yin Sao Yang.

Genting Malaysia is facing other tax headwinds. Under Malaysia's government budget plan in November, casino licensing fees paid by the company for its property will be raised from $120 million to $150 million annually, while casino tariff rates will be raised from 25% to 35% of total gaming revenue. Authorities also said tariffs on game consoles will be raised from 20% to 30% on total collections.

Lim Kok Thay, chairman of Genting Malaysia, said at its annual general meeting this week that it would cut cash compensation by 20%. Media reports said Lim's proposal takes into account difficult trading conditions related to Malaysia's tax woes.

BY: 카지노사이트