Serial System Ltd (SG:S69) has released an update.
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Serial System Ltd’s subsidiary, Serial Microelectronics Pte Ltd, faces a tax dispute with Singapore’s IRAS over S$6.93 million in protective tax assessments for 2019 and 2020. The disagreements pertain to the treatment of a fair value gain from an equity investment and a one-off receipt from a business transfer as capital, while IRAS views them as revenue. The company plans to object to these assessments with the guidance of their tax advisor, having not provisioned for them in the upcoming financial statements.
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