Tag: GST refunds
Its minister Lim Guan Eng says RM7.6 billion went to income tax refunds while RM9.5 billion was refunded to GST registrants.
Companies which make claims involving millions of ringgit will be audited before the claims are processed.
Finance Minister Lim Guan Eng says the committee was under the impression that RM19.4 billion was still in the government trust fund.
The finance minister will be called in after Nov 2.
The non-refund of more than RM35 billion to taxpayers is an assault on the integrity of Malaysia's financial system and needs to be strictly addressed.
The Finance Minister highlights the impact of GST on inflation, pointing to core inflation rate falling to -0.2% in July following GST zero-rating.
The prime minister says there must be something wrong if Najib Razak, who was also the finance minister, was unaware of the movement of the money.
The finance minister says some of the 1,653,786 cases due to a shortage of transfers from the direct tax revenue collected to the Tax Refunds Trust Fund date as far back as six years.
The finance minister says the correct amount is RM19.2 billion, not nearly RM18 billion as announced last week.
The government may have spent the GST revenue, including the amount earmarked for refunds, in the course of its operations.