Saturday, September 19

Petronas shares soar after court dismisses Sarawak state govt appeal

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Petronas-related shares soared in early trading today after the Court of Appeal moved to dismiss the Sarawak state government and Comptroller of State Sales Tax’s appeal against an earlier decision by the High Court. — Bernama file photo

KUALA LUMPUR: Petronas-related shares soared in early trading today after the Court of Appeal moved to dismiss the Sarawak state government and Comptroller of State Sales Tax’s appeal against an earlier decision by the High Court.

On Dec 10 last year, the High Court decided to grant leave for the national oil company to apply for a judicial review to quash the Notices of Assessment for about RM1.3 billion in State Sales Tax (SST).

According to Borneo Post, the Court of Appeal in Putrajaya yesterday dismissed the appeal against a High Court decision to grant leave for Petronas.

The court then ordered Petronas’ judicial review to be heard at the High Court on a date to be fixed later.

The sum of RM1.3 billion in unpaid SST and penalties were computed up to June 30, 2019, according to the newspaper.

On Dec 10 last year, the High Court had granted leave to Petronas to apply for a judicial review to declare certain sections of the Sarawak State Sales Tax Ordinance as ultra vires to the Federal Constitution.

Separately, the Sarawak government’s civil suit against Petronas for non-payment of SST and penalties will be heard at the High Court in Kuching on Jan 14.

At 11.09 am, Petronas Chemicals rose seven sen to RM7.52 with 289,500 shares changing hands, Petronas Gas was 34 sen higher to RM17.22 with 97,900 shares traded, while Petronas Dagangan was flat at RM23.10. – Bernama