fbpx
Connect with us

News

LGE: Taxpayers With Outstanding Tax Refunds Can Get Their Money Back in 2018

Published

Lge: Taxpayers With Outstanding Tax Refunds Can Get Their Money Back This Year - World Of Buzz 3
Source: NST

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

It looks like you can finally get your outstanding tax refunds as soon as this year! 

In a recent report by Free Malaysia Today, Finance Minister Lim Guan Eng revealed that the former government did not refund RM16.046 billion in excess income and real property gains taxes as of end-May 2018.

These outstanding tax refunds reportedly involve 1,653,786 cases of companies, individuals, societies, and foundations.

Lge: Taxpayers With Outstanding Tax Refunds Can Get Their Money Back This Year - World Of Buzz 1

Source: malay mail

A majority of the cases (38% of the RM16.046 billion) have been outstanding for between two and three years, with RM5.212 billion owed to companies and RM913 million owed to individuals, societies, and foundations.

Meanwhile, the second largest percentage (29% of the RM16.046 billion) has been outstanding for the past 6 years, with RM3.090 billion due to companies, while RM1.503 billion is due to individuals, societies, and foundations.

The Finance Minister explained this large sum of outstanding tax refunds, saying,

‘Tax refunds can only be made using the balance in the Tax Refunds Trust Fund (TRTF). As of May 31, the balance in the TRTF was only RM1.486 billion based on the records from the Accountant General’s Department, which is far lower than the RM16.046 billion required for the refunds that need to be made.”

“In other words, there exists a shortfall of RM14.56 billion as of May 31, which resulted in 1,653,786 taxpayers not receiving their tax refunds as far back as more than six years ago.”

Lge: Taxpayers With Outstanding Tax Refunds Can Get Their Money Back This Year - World Of Buzz

Source: sinar harian

Because of this, Lim Guan Eng stated that the RM14.56 billion that wasn’t transferred to the TRTF had already been classified as government revenue by the Barisan Nasional (BN) government.

“This means that the federal government revenue that was reported by the previous government is not accurate and larger than what it actually was,” he continued.

In light of this issue, the Finance Minister stated that the current Pakatan Harapan (PH) government has just agreed to allow taxpayers with outstanding tax refunds from LHDN to offset the amount against the tax payable for the current year.

Lge: Taxpayers With Outstanding Tax Refunds Can Get Their Money Back This Year - World Of Buzz 2

Source: the star

According to the Malay Mail, those with outstanding tax refunds need to submit offset applications to LHDN to obtain verification and approval. Lim Guan Eng assured Malaysians that their tax refunds would be returned, saying,

“We hope that the failure to return RM16.046 billion of tax refunds is the last mega exposé related to the misappropriation and misuse of taxpayers’ money by the previous government.”

“The new Pakatan Harapan government which upholds the principles of Competency, Accountability, and Transparency (CAT) will do its utmost best to resolve such scandals, including through returning the tax refunds.”

So, be sure to file your applications to LHDN as soon as possible! 

 

Also read: SST to Be Reintroduced at 10% and Service Tax at 6% Starting September 1

Sst To Be Reintroduced At 10% And Service Tax At 6% Starting From Sept 1 - World Of Buzz 3


Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Just In

Collage 57 Collage 57
News6 hours ago

Friend of M’sian Who Was Shot 8 Times Reveals That He Was Recently Appointed as Gang Leader

Do you know that feeling where something feels distant, as if it only exists in movies or the news until...

Collage 54 Collage 54
News13 hours ago

Dr Noor Hisham: Child in Viral Photo With Rash Actually Has Hand, Foot & Mouth Disease and NOT Monkeypox

As of now, Malaysians can breathe a sigh of relief as Health Director-General himself has confirmed that the recent viral...

Ft Vote Ft Vote
News13 hours ago

Study: Over 80% of Youths Are Excited to Vote in GE15, But 41% Are Unsure Who to Vote For

With the next General Election coming up, politicians on both sides have made their predictions on what they think will...

Ft Mqa Ft Mqa
News14 hours ago

“It doesn’t need to be disputed” – MQA Recognises PM’s Honorary Degree From Nihon University

Prime Minister Datuk Seri Ismail Sabri was recently awarded an Honorary Doctorate in Medicine by Nihon University in Japan in...

Collage 16 2 Collage 16 2
News1 day ago

Ministry of Transport Allocates RM450 Millions To Upgrade LRT Service & Safety With 23 Initiatives

LRT train services have recently found themselves under fire for the constant issues which caused delays and inconvenience to its...

Ft Surau Ft Surau
News2 days ago

Mini School Bus Turned Mobile Surau in Terengganu Becomes First to be Recognised by JPJ

For Muslims, having to find somewhere suitable to perform prayers can sometimes be difficult especially when you’re out and about....

Collage 47 Collage 47
News3 days ago

JUST IN: Multiple Areas in KL Hit By Flash Floods After Continuous Rain Since Morning

After a couple of weeks of hot, sunny weather, it finally rained in KL this morning (25 May) but unfortunately,...

Collage Final 2 2 Collage Final 2 2
News3 days ago

Grab: Recent Price Hike Due to High Demand For Rides & Low Supply of Drivers

Complaints surrounding Grab’s e-hailing services such as the inability to book a car, unusually high fares as well as long...

Announcement

Latest Videos



TRENDING TODAY