News

On 16 October 2013, Tan Chong Motor Holdings Berhad (“TCMH” or “the Company”) announced that Nissan Vietnam Co., Ltd. (“NVL”), a 74%-owned subsidiary of the TCMH Group in Vietnam, received decisions dated 23 September 2013 and 8 October 2013 (“Tax Decisions”) from the Customs Chief of Ha Noi Processing and Investment Customs Branch (“Vietnamese Customs Authority”) that an amount totalling VND357,028,537,085 equivalent to approximately USD16.98 million, being the additional import duties payable by NVL in respect of the importation of CKD parts and kits for the period from 2010 to 2012 (“Additional Import Duties”). It also stated that NVL has submitted its appeal against the Tax Decisions and further announcements will be made on any new developments arising from the matter.

The Additional Import Duties have since been provided for in the audited financial statements of TCMH for year ended 31 December 2013.

Further to the appeal made by NVL, the Board of TCMH is pleased to inform that NVL has on 20 August 2014 received a decision dated 13 August 2014 from the Vietnamese Customs Authority  regarding  cancellation of the Tax Decisions.

Following the above development, the Group will reverse the provision made on the Additional Import Duties. The financial effects from the cancellation of the Tax Decisions are reflected in TCMH Interim Report for the second quarter ended 30 June 2014 to be announced by the Company on even date.

This announcement is dated 22 August 2014.