Excess $5.4 bil in excess taxes not refunded: Lim Guan Eng

SINGAPORE (Aug 23): Malaysia’s Finance Ministry yesterday said that the previous Barisan Nasional (BN) government did not refund RM16.05 billion ($5.35 billion) in excess income tax and real property gains tax (RPGT) paid by taxpayers as of May 31, 2018, with some being owed these refunds for the last six years.

This amount is on top of the outstanding goods and services tax (GST) input tax refunds of RM19.40 billion that has not been returned to businesses as of the same date.

In a statement issued on Wednesday, Malaysia’s Finance Minister Lim Guan Eng says, “The RM16.046 billion of outstanding tax refunds not returned by the Inland Revenue Board of Malaysia (IRB) involves 1,653,786 cases of companies, individuals, societies and foundations.”

---

Related Stories

• Emerging-market companies at risk with US$400 billion of debt due
• Punch bowl taken away, the party is ending
• Ex-Goldman banker Ng in Malaysia for 1MDB probe, according to a report

---