Johor Bahru High Court quashes RM78.7m IRB tax assessments on Adamas Marine

The Johor Bahru High Court has quashed about RM78.7 million in tax assessments and penalties imposed on shipowner Adamas Marine Sdn Bhd. Judicial Commissioner Budiman Lutfi Mohamed ruled that the Inland Revenue Board used the wrong framework to determine ownership of the company's 16 Malaysian-registered ships, and ordered the assessments from 2007 to 2023 to be set aside.