Extra taxes on TNB like daylight robbery of the people, says Najib

(FMT) – Former prime minister Najib Razak today hit out at the Pakatan Harapan government over additional taxes of RM3.98 billion charged to Tenaga Nasional Bhd (TNB), asking how the utility group could be accused of not paying enough and comparing it to “daylight robbery” of the people.

Responding to news that the Inland Revenue Board (LHDN) had issued TNB notices of additional assessments for 2015 to 2017, he said TNB would have to pay billions each year as a listed company.

“TNB’s profit for the whole of 2018 was only RM3.72 billion. This means TNB does not need to profit in 2019 after paying the additional taxes worth RM3.98 billion.

“If they don’t profit, TNB doesn’t pay any dividends. Who are the dividends paid to? It’s paid to their shareholders who are mostly people’s funds like Amanah Saham Nasional, Amanah Saham Bumiputera, Tabung Haji, the Employees Provident Fund and the Amanah unit,” he said in a Facebook post.

He added that the decision by the finance minister to impose the additional taxes was like stealing the people’s money.

It was reported by The Edge that TNB’s shares dropped 1.75% earlier today after it received the notices from LHDN.