In its announcement to the exchange on Sept 21, XMH Holdings says the tax is for its previous FY2024, and covers not only corporate income tax on PT XMH’s revenues from sales to customers in Indonesia, but also revenue generated by XMH's wholly-owned subsidiary in Singapore, Xin Ming Hua, from its direct sales to Indonesia-based customers, which have been attributed to PT XMH.
XMH Holdings, which sells engines used in ships, says its Indonesia subsidiary PT Xin Ming Hua Engine has been slapped with a tax bill of 143.9 billion rupiah by local tax authorities, or nearly $10.94 million.
For context, XMH's Holdings reported earnings of just over $25.5 million for its most recent FY2025 ended April.
