Q Tech reverses RMB75.24 million provision after Indian tax authority nullifies FY20/21 assessment

Bulletin Express06-05

Q Technology (Group) Company Limited (Q Tech) announced that the Indian Income Tax Appellate Tribunal (ITAT) has quashed the tax assessment for the financial year ended 31 March 2021 involving its joint venture Kunshan Q Tech Microelectronic (India) Private Limited (Q Tech India). Following issuance of a revised tax computation and demand notice on 8 March 2026, the tax payable for that period was reduced to nil.

In response, the Board has decided to reverse the previously booked provision of approximately RMB75.24 million related to the FY20/21 dispute. The figure represents management’s preliminary estimate and has yet to be reviewed by the company’s independent auditor or audit committee.

Two other disputes—covering the tax years FY19/20 and FY21/22—remain under adjudication. No adjustment or reversal has been made to provisions for these matters.

Q Tech will release further updates as material developments arise and advises investors to exercise caution when dealing in its shares.

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