Serial System (SGX:S69) reported that its subsidiary, Serial Microelectronics, has received protective tax assessment notices totaling SG$6.9 million from the Inland Revenue Authority of Singapore, according to a Thursday filing on the Singapore Exchange.
The assessments comprise SG$1.04 million for the 2019 assessment year and SG$5.89 million for 2020.
The 2019 assessment arises from Serial Microelectronics' classification of a $4.5 million fair value gain from its 7.15% stake in Unitron Tech as capital, while the 2020 assessment relates to a $24.3 million one-off receipt from the transfer of Texas Instrument's distribution business.
Inland Revenue Authority of Singapore deemed both amounts as revenue.
Serial Microelectronics plans to contest the assessments based on advice from tax advisors.
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