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HARRISONS HOLDINGS (M) BHD HARISON (5008)

4.150 0.030 (0.73 %)

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last updated: 1-Nov-2017 4:56 PM

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[HARISON] Harrisons Holdings - Big time mistake in calculation!

Harrisons Holdings (HH) dropped liked a rock on 22/2/2012 due to summons letter from Malaysian Customs. The reason given was unpaid sales tax, excise duty and import duty of RM91 million for 19 million cans of beer imported and sold in Labuan. The company in it's reply was puzzled at how the Customs came up with the figures. After some checking, I am equally puzzled. A can of beer is taxed at RM2.63, whereas in duty-free Labuan, it is only taxed 20% @ RM0.53. Simple calculation will get us the the figure of about RM9 million (if it is true that the company had not paid it's tax) How on earth did the figure of RM91 million came abbout? Anyone care to enlighten me?
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