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Indonesian Authority Rejects XMH Unit's Tax Assessment Objections

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The Indonesian tax authority rejected objections by XMH (SGX:BQF) unit Xin Ming Hua Engine to a tax assessment of 69.1 billion Indonesian rupiah, according to a Friday filing.

The rejected amount comprises 18.5 billion rupiah in corporate income tax, 10.3 billion rupiah in withholding tax, and 40.3 billion rupiah in value-added tax (VAT).

The subsidiary's objection to the remaining 74.8 billion rupiah VAT component is still under review, with no decision issued yet.

Xin Ming Hua Engine plans to file formal tax appeals against the tax authority's decisions.

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