PETALING JAYA: Comfort Gloves Bhd

has reached an agreement with the Inland Revenue Board (IRB) to settle tax disputes involving two wholly owned subsidiaries for a total of RM8.3mil.

In a filing with Bursa Malaysia, the glove manufacturer said Comfort Rubber Gloves Industries Sdn Bhd and Gallant Quality Sdn Bhd reached the agreement on Oct 22, subject to the finalisation of settlement documentation.

The company said the settlement is not expected to have any material financial impact on the group, as the amount has already been provided for in the subsidiaries' financial statements.

Upon finalisation of the documentation, both subsidiaries will discontinue all legal proceedings relating to the disputed tax assessments, bringing the disputes to a full and final resolution.

Comfort Gloves said it does not expect the settlement to have any further material adverse impact on the group's operations.