IRB confirms the claims of the Minister of Finance on RM16bil in non-refundable taxes – Nation

PETALING JAYA: The Inland Revenue Board (IRB) has confirmed the claim of the Minister of Finance Lim Guan Eng that a total of RM16.046 billion in income tax and property tax has not been repaid to taxpayers for more than six years.

It reported that the amount involved 1,653,786 incidents involving companies, individuals, associations, associations and foundations, as of May 31 this year.

"This postponement of overpaid tax is mainly due to insufficient funding in Tax Refund Trust Fund (TRTF)," said IRB Director General Datuk Seri Sabin Samitah. (Pic) in a statement on Friday (August 24).

"IRB confirms Lim's statement that there was a shortage of transfers of direct tax revenues collected in the TRFT," he said.

Sabin noted that on the basis of the limitations of the TRTF, reimbursement will be given priority for individual taxpayers.

However, refunds for other categories of taxpayers can still not be paid because no additional funds have been allocated.

Sabin added that it would weigh Lim's proposal to allow taxpayers with outstanding tax refunds against the taxes payable for the current year.

Taxpayers who opt for the compensation must apply to their respective IRB offices.

Meanwhile, the reimbursements for those who do not apply for settlement are processed depending on the TRTF allocation as approved by the government and the financial position of the country.

"Taking into account the financial constraints resulting from the RM1 trillion government debt, Lim is currently trying to find financial resources to enable the refunds next year or in the following years," Sabin said.

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