Tan Chong Settling Its Overdue Customs Bill In RM 2.7 Million/Month x 36 Payments

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Tan Chong Settling Its Overdue Customs Bill In RM 2.7 Million/Month x 36 Payments

One of Malaysia's oldest car distributors is bouncing back.


We earlier reported that Edaran Tan Chong Motor (ETCM) was hit with an extremely large and very overdue bill from the Royal Malaysians Customs Department (RMCD) to the tune of RM 180 million

It turns out that the amount was settled out of court and reduced to RM 109 million, with RM 10.81 million paid upfront and the rest to be paid over the next 36 months. That works out to around RM 8.1 million a quarter, or RM 2.7 million a month.

Tan Chong Is Settling Its Overdue Customs Bill For RM 8 1m A Quarter Subaru Forester

This excise duty bill was accumulated from November 2016 to October 2019, and with this arrangement RMCD has agreed that the bill has been settled accordingly. The specific subsidiary of ETCM that had been hit with this bill was Tan Chong Motor Assembly (TCMA) which has manufacturing facilities in both Malaysia, as well as Vietnam and Myanmar.

Tan Chong Is Settling Its Overdue Customs Bill For RM 8 1m A Quarter TCMA Thailand

TCMA is responsible for producing both passenger and commercial vehicles for Nissan and Renault, the two core brands of ETCM, as well as doing contract assembly for Subaru, Mitsubishi, UD Trucks, Foto, and Bison trucks.

The news has definitely impacted the share price, which fell to RM 1.18 as of writing. It has been on a steady decline over the last five years, with losses last year and this year being attributed to repayment of the overdue taxes - and of course, COVID-19.


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Aswan

Aswan

Writer

Places more value in how fun a car is to drive than outright performance or luxury. He laments the direction that automotive development is headed in, but grudgingly accepts the logic behind it. Can be commonly found trying to fix yet another problem on his rusty project car.


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