XMH Holdings subsidiary sent $11m tax bill from Indonesian tax authority

The group said it would have a material impact on the group's financial performance.

XMH Holdings Ltd's Indonesian subsidiary, PT Xin Ming Hua Engine (PT XMH), has received a tax assessment notice from the Indonesian tax authority on 2 September 2025 for an amount of approximately $11m (IDR143.9b) relating to the financial year ended 30 April 2024 of the Company and its subsidiaries, including PT XMH.

The company said that should the full assessed amount be deemed payable, it would have a material financial impact on the group’s results for the current financial year.

The tax assessment notice covers corporate income tax on PT XMH’s revenues from sales to customers in Indonesia and revenues generated by the company’s wholly-owned subsidiary in Singapore, Xin Ming Hua Pte Ltd, from its direct sales to Indonesia-based customers, which have been attributed to PT XMH.

“PT XMH is in the process of appointing Indonesian tax and legal advisors to represent and advise them on this matter and will explore all available avenues to satisfactorily resolve the issue, including but not limited to the filing of a formal objection against the tax assessment notice,” XMH Holdings said in a bourse filing.

XMH Holdings Ltd. is a Singapore-based holding company specialising in diesel engine, propulsion, and power generation solutions for the marine and industrial sectors across Asia. T

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