Hibiscus decides to pay after all | Daily Express Online - Sabah's Leading News Portal

7/10/2022 7:32:00 AM

Hibiscus Petroleum (Hibiscus) which was initially against paying the 5 per cent Sabah Sales Tax (SST) on petroleum products has decided to pay the RM85.7m owed to the Sabah Government.

Hibiscus Petroleum (Hibiscus) which was initially against paying the 5 per cent Sabah Sales Tax (SST) on petroleum products has decided to pay the RM85.7m owed to the Sabah Government.

Hibiscus Petroleum (Hibiscus) which was initially against paying the 5 per cent Sabah Sales Tax (SST) on petroleum products has decided to pay the RM85.7m owed to the Sabah Government. It is understood that it was to create a stable environment for continuing investment and smooth operations in Sabah. It removes the lingering uncertainty in its Sabah operations that could affect its operational efficiency. The Group is expected to pay the SST annually, an estimated RM44.8m per year assuming crude oil sales of around 2.1 mbbls from North Sabah and 700 mbbls from Kinabalu field

Kota Kinabalu: Hibiscus Petroleum (Hibiscus) which was initially against paying the 5 per cent Sabah Sales Tax (SST) on petroleum products has decided to pay the RM85.Warisan’s Elopura Assemblyman Calvin Chong hit back at Sabah DAP Chairman Datuk Frankie Poon for calling Warisan a “Trojan horse” aiming to split votes in the coming election.This is after Sabah Barisan chief Datuk Seri Bung Moktar Radin was reported to have said the two coalitions would work together for GE15.PETALING JAYA:.

7m owed to the Sabah Government.It is understood that it was to create a stable environment for continuing investment and smooth operations in Sabah.He said Poon was among those present with DAP’s then secretary-general Lim Guan Eng to meet with GRS Chairman cum Sabah Chief Minister Datuk Seri Hajiji Noor.It removes the lingering uncertainty in its Sabah operations that could affect its operational efficiency.“We are not against any cooperation between Barisan and GRS but at least we (PBRS) should be included (in the discussion) based on the spirit of camaraderie within Barisan,” he said in a statement.ADVERTISEMENT The Group is expected to pay the SST annually, an estimated RM44.Sabah DAP wanted a Sabah-level MoU with the Sabah Government after the federal level MoU was signed between Pakatan Harapan and the Federal Government.8m per year assuming crude oil sales of around 2.Both the Sabah and Sarawak state governments had submitted the names of their candidates to sit on the LHDN board in July.

1 mbbls from North Sabah and 700 mbbls from Kinabalu field.But Poon did (attend the meeting).Masidi said they were finalising seat-sharing arrangements to ensure victory for their respective candidates.The State Government earlier issued a notice to Hibiscus that work permits for North Sabah and Kinabalu fields would be cancelled effective Oct.1 due to the Group’s stand to discontinue the payment after taking over the Kinabalu asset from Repsol.“Now he (Poon) is calling Warisan a ‘Trojan horse’ when Warisan is the only party that refused to become the Government’s tool – the very government that toppled the Warisan Plus federal government.The North Sabah asset, meanwhile, has not been paying the SST to the state.“As such, the PBRS Youth is urging that the cooperation with any party must be discussed and decided in the Sabah Barisan liaison committee meeting before the decision is announced,” he said.The Group had disagreed with payment of the tax, arguing that it sold its crude oil at the Labuan Crude Oil Terminal (LCOT) facility which is outside the sovereignty and jurisdiction of Sabah and, thus, should not be subject to the SST.The MoU resulted in the passing of the Anti-Hop Bill and Sabah’s MA63 position as one among three entities being formally recognised for the first time since the formation of Malaysia in 1963.* Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss.

The Group, in its Corporate and Business Update, stated that it has made the appropriate accruals for all liabilities amounting to RM85.7m.ADVERTISEMENT * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.This was after the State Government accepted its proposal, i.e., to pay the claims imposed on revenues for the sale of crude oil under the North Sabah PSC and the Kinabalu PSC respectively, on Sept.

27.ADVERTISEMENT This was to create a stable environment for continuing investment and smooth operations in Sabah and removes the lingering uncertainty in its Sabah operations.Had the dispute continued, it could have potentially caused prolonged disruptions to its Sabah operations with issues involving manpower movement and/or shortages which eventually would have limited its operational efficiency, affecting its output.During an analyst briefing on July 20, management confirmed that it is already facing issues with slower approval for working permits by the state authority.Having this issue resolved, productivity from the Sabah oilfields is expected to improve given the smooth operations, reflecting in higher uptime.

Settlement of the arrears was also not an issue given the Group’s cash holding of RM549.4m.The SST follows the Sarawak Government’s High Court victory over Petronas that it is entitled to such tax vis-à-vis the Malaysia Agreement 1963.ADVERTISEMENT When the Perikatan Federal Government took over, it decided not to appeal against the decision and paid the State RM2 billion and Sabah RM1.2b following the takeover by the GRS-led coalition in Sabah.

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