Comfort Gloves reaches RM8.3m settlement with Inland Revenue Board over tax bill
Comfort Gloves Bhd has reached an RM8.3 million settlement with the Inland Revenue Board to resolve a two-year tax dispute. The company, which recently returned to profitability, expects this agreement to end all related legal proceedings.
Why it matters
The resolution removes a significant financial and legal uncertainty for the glove manufacturer, allowing it to focus on operational recovery amid challenging global market conditions.
BURSA SGX Home Highlight Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Oct 23): Comfort Gloves Bhd (KL: COMFORT ) said on Friday it will settle a two-year tax dispute with the Inland Revenue Board for RM8.3 million.
The settlement is subject to the finalisation of paperwork, the glove maker said in an exchange filing. Provisions for the settlement amount have been recorded earlier in the financial statements, Comfort Gloves noted.
All legal proceedings instituted over the disputed additional tax bill will be discontinued once the documentation has been completed, bringing the matter to “a full and final resolution”, the company said.
The settlement ends a court battle that began in April 2024, when Comfort Gloves’ subsidiaries Comfort Rubber Gloves Industries Sdn Bhd and Gallant Quality Sdn Bhd sued the Inland Revenue Board over an additional RM99.3 million in taxes.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in