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Perhaps the tax authority treat this particular store/shop as a test balloon?? If they win, they will go after other shops/stores. If they lose, they will give up totally ..
tonylim70 ( Date: 04-Apr-2018 22:27) Posted:
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Duty Free International NEVER says other stores/shops are or are not in the " grey" area. Perpahs someone can quote the source that duty free says other shops are or are not in the grey areas?
I only read duty free mentioned about that particular one shop at border of Perintah Tetap..
What about others shops in Langkawi? Tioman? Penang?
I only read duty free mentioned about that particular one shop at border of Perintah Tetap..
What about others shops in Langkawi? Tioman? Penang?
tonylim70 ( Date: 04-Apr-2018 22:27) Posted:
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This is the only annoucement made by duty free international. They never mention about anything about other shops. Since the tax authority go after this particular shop, therefore only this shop were mentioned. Duty Free never say other shops are not in the grey area. So if tax authority wins, what makes u think they wun go after other shops?
The Board of Directors of Duty Free International Limited (the " Company" , and together with its subsidiaries, the " Group" ) wishes to announce that its subsidiary, Seruntun Maju Sdn. Bhd. (" SMSB" ) has received the bills of demand dated 14 November 2017 from the Royal Malaysian Customs of Perak Darul Ridzuan (" Customs" ), which SMSB received on 21 November 2017, demanding payments of customs duties, excise duties sales tax and Goods and Services Tax (" GST" ) as follows:-
i) RM15,400,962.14 claimed under the Customs Act 1967, for the period of 15 November 2014 to 30 September 2016.
ii) RM23,560,972.94 claimed under the Excise Act 1976, for the period of 15 November 2014 to 30 September 2016.
iii) RM377,704.90 claimed under the Sales Tax Act 1972, for the period of 15 November 2014 to 30 September 2016.
iv) RM2,255,346.88 claimed under the Goods and Services Tax Act 2014, for the period of 15 November 2014 to 30 September 2016.
The said Bills of demand were raised by the Customs Department who alleged that SMSB did not comply with certain conditions of a duty-free shop located at the border of Perintah Tetap Kastam Bil 55.
The Company, after consultation with its solicitors, strongly believes that there is no legal and/or factual basis for Customs Department to arrive at their decision to raise the said Bills of demand. This is especially when SMSB&rsquo s duty free shop is located outside the principal customs area ==> Note: They never mention that other shops..... The solicitors
of SMSB will be taking the necessary defence actions on its behalf.
On 29th November 2017, the High Court granted leave to SMSB&rsquo s application for judicial review, as well as an interim stay of the enforcement of the following bills of demand until the disposal of the inter partes stay hearing:
i) RM15,400,962.14 claimed under the Customs Act 1967, for the period of 15 November 2014 to 30 September 2016.
ii) RM23,560,972.94 claimed under the Excise Act 1976, for the period of 15 November 2014 to 30 September 2016.
Concurrently, SMSB will also appeal to the Director General in respect of the sales tax pursuant to Section 68 of the Sales Tax Act and will submit an application for the Director General in respect of GST pursuant to Section 124 of the GST Act.
The Company will make the necessary announcement on any new development relating to the above matter from time to time.
By Order of the Board
Lee Sze Siang
Executive Director
kelvintan84 ( Date: 04-Apr-2018 22:10) Posted:
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can quote the source that says all other stores are not in the grey area??? They only mention that one particular shop is in the " grey area" as that particular shop is implicated in the tax case but they never mention all the rest of the shops are not.. can quote the source? thanks
Come on man, u never provide any source, u only assume?
Come on man, u never provide any source, u only assume?
kelvintan84 ( Date: 04-Apr-2018 22:10) Posted:
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Agree on most points except the part on "... the other shops may be targeted..."
Only the said store is in the "grey area", all other stores are not, it is not even a valid point to debate.
Come on man, u have been repeating this point and I have been pointing out that this point is false and not valid, let's stick to facts.
Only the said store is in the "grey area", all other stores are not, it is not even a valid point to debate.
Come on man, u have been repeating this point and I have been pointing out that this point is false and not valid, let's stick to facts.
tonylim70 ( Date: 04-Apr-2018 21:07) Posted:
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GENUINE Selling started more than 3 weeks ago at 26.5 cents. The selling is structured and well executed. The seller is not small investors like u and I. The seller is a BB in the sense he/she has a huge holdings. The selling is RELENTLESS and non-stop and the only conclusion i can derived is it is insiders' selling .
Perhaps inside news to the tax court case .
If Duty free lose the tax case, not only they will lose $40million ringgit, the other shops MAY be targetted by the tax authorities and the tax case is only for the year 2014-2017. So it means they have to pay more tax from 2017 onwards to the tax authority just for that single branch that is involved in the tax case. Imagine the tax authority decides to go after more of it' s shops.
The uncertainties is certainly the killer here. If Najib wins election, he will go full force collecting unpaid tax from companies.
Anyway there are articles in Malaysia which may interest u.
All these are my own opinion, not spread fear and not buy/sell call. U can ignore my posting if u think i talking nonsense.
Perhaps inside news to the tax court case .
If Duty free lose the tax case, not only they will lose $40million ringgit, the other shops MAY be targetted by the tax authorities and the tax case is only for the year 2014-2017. So it means they have to pay more tax from 2017 onwards to the tax authority just for that single branch that is involved in the tax case. Imagine the tax authority decides to go after more of it' s shops.
The uncertainties is certainly the killer here. If Najib wins election, he will go full force collecting unpaid tax from companies.
Anyway there are articles in Malaysia which may interest u.
All these are my own opinion, not spread fear and not buy/sell call. U can ignore my posting if u think i talking nonsense.
fusioncat ( Date: 04-Apr-2018 20:24) Posted:
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https://www.investingnote.com/posts/710796?goto=comment-710796651708
https://www.investingnote.com/posts/427348?goto=comment-427348651883
For more detailed discussion on this counter
https://www.investingnote.com/posts/427348?goto=comment-427348651883
For more detailed discussion on this counter
kelvintan84 ( Date: 04-Apr-2018 19:35) Posted:
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Thank you everyone. I got a shock this morning when my alert triggered at 0.2.
I got in at 0.28, 0.25, 0.225 (my average now around 0.25)
I read DFI is almost debt free and its financial health is healthy.
Morningstar rate this as undervalue, there are many traded limit buyers (sold to buyers) according to IOCBC indicators so really cant understand why price still drop.
I got in at 0.28, 0.25, 0.225 (my average now around 0.25)
I read DFI is almost debt free and its financial health is healthy.
Morningstar rate this as undervalue, there are many traded limit buyers (sold to buyers) according to IOCBC indicators so really cant understand why price still drop.
Apart from the tax case, there isn't any big issue for duty free.
The only reason why the drop non stop is due to lack of buying interest. The selling is always small, and always structured in small bite size, almost as if the seller is worried to crash the stock price..
I have already emailed the IR and ask him to wake up and engage the market to dispel negativity surrounding the company..
IR nowadays are really hopeless..
The only reason why the drop non stop is due to lack of buying interest. The selling is always small, and always structured in small bite size, almost as if the seller is worried to crash the stock price..
I have already emailed the IR and ask him to wake up and engage the market to dispel negativity surrounding the company..
IR nowadays are really hopeless..
alexchew ( Date: 04-Apr-2018 17:17) Posted:
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this is a blackout period for the company. Good to accumulate at this price, versus $0.30++ when everyone was shouting buy. DFZ capital is worth a lot.. look at how much they are paying for it.
sgfreestyler ( Date: 04-Apr-2018 17:11) Posted:
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what the ......
have been dropping for the past few days....
have been dropping for the past few days....
i cant find related announcements for the proposed hk exchange listing, after failing the 25% public float test. It seems after that announcement, the company has actually keep on issuing new shares, and now, the main shareholder float has dropped to 74%+ after accounting for recent buybacks. Public float meaning is? Anyone?
tonylim70 ( Date: 21-Mar-2018 16:37) Posted:
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u shd know the trick :)
Push the price down cheap cheap so that they can privatise at a cheap price.. :)
I think perhaps 15 - 18 cents (near NTA) is the price ripe for privatisation..
U look at past cases, eg: Aztech and many others, all shareholders cursing the owners when they took the company private.. why? becos of low share price. Owners or management would want the price to crash so that they can privatise on the cheap. So if u can buy at the low price, u will laugh to the bank and I think the low price for duty free is somewhere near the NTA of 18 cents.
I observed the relentless selling since 2 weeks ago.. purposely pushing down the price.. Reasons?
1) Bad news regarding the tax court case so insiders selling OR
2) as what u say, privatisation with low share price.
Push the price down cheap cheap so that they can privatise at a cheap price.. :)
I think perhaps 15 - 18 cents (near NTA) is the price ripe for privatisation..
U look at past cases, eg: Aztech and many others, all shareholders cursing the owners when they took the company private.. why? becos of low share price. Owners or management would want the price to crash so that they can privatise on the cheap. So if u can buy at the low price, u will laugh to the bank and I think the low price for duty free is somewhere near the NTA of 18 cents.
I observed the relentless selling since 2 weeks ago.. purposely pushing down the price.. Reasons?
1) Bad news regarding the tax court case so insiders selling OR
2) as what u say, privatisation with low share price.
alexchew ( Date: 21-Mar-2018 16:26) Posted:
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i think all set for privatisation. With the cash from e sale of 5% of DFZ, the company has more than enough cash to buy back e 30% interest it seems. Anyway, freefloat in the public hands is less than 10%
tonylim70 ( Date: 21-Mar-2018 15:45) Posted:
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Anyway there is an article in Malaysia.
http://supportdap.online/archives/23475
http://supportdap.online/archives/23285
Basically saying the govt is going after many companies over tax to make up for the losses the govt made and quite many of them are ?N?ã?À?R and become bankrupt and one of them that the govt is chasing tax is Duty Free international.
So perhaps maybe just offering my views. If Najib wins the Malaysia election, then the court case may tilt towards the tax authority?? If opposition wins or getting good results perhaps the court case may tilt towards duty free.
Hope this finding is helpful for u all to make a decision.
Cheers
tonylim70 ( Date: 21-Mar-2018 15:44) Posted:
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Not advisable to jeep becos of pending TAX case against them and insider selling spotted
https://www.investingnote.com/posts/427348?goto=comment-427348627995
https://www.investingnote.com/posts/427348?goto=comment-427348627995
Jeeep ah....
Thanks.
tonylim70 ( Date: 12-Mar-2018 07:54) Posted:
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http://www.sharejunction.com/sharejunction/listMessage.htm?topicId=18376
investshare ( Date: 12-Mar-2018 07:17) Posted:
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Net cash company, Heinemann partner. Cash Cow company. Dividend yield going to break 10% coming April.
Interim dividend 1.8 cents + Final dividend coming in April (expected 1 cent dividend) ==> more than 10% dividend.
Potential capital appreciation when Bukit Kayu Hitam is going to be developed.
http://www.theindependent.sg/penang-songkhla-link-talks-at-g-to-g-level-end-of-kra-canal/
The earning is affected by Forex loss... so the P/E is not true reflection .
Refer to my post on the Forex loss situation
Interim dividend 1.8 cents + Final dividend coming in April (expected 1 cent dividend) ==> more than 10% dividend.
Potential capital appreciation when Bukit Kayu Hitam is going to be developed.
http://www.theindependent.sg/penang-songkhla-link-talks-at-g-to-g-level-end-of-kra-canal/
The earning is affected by Forex loss... so the P/E is not true reflection .
Refer to my post on the Forex loss situation
investshare ( Date: 12-Mar-2018 07:17) Posted:
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