RM17bil tax refunds cleared, RM2bil more to go

LHDN said some refunds could not be processed due to incorrect or missing bank account information, and urged taxpayers to ensure their details with the board are accurate and up to date.

The Inland Revenue Board said RM2 billion from an additional RM4 billion allocation would be processed by the end of December. (Bernama pic)

CYBERJAYA:

 The Inland Revenue Board (LHDN) has processed RM17 billion in tax refunds covering 3.53 million cases up to Dec 18, with a remaining RM2 billion to be processed and disbursed before the end of the month.

LHDN said in a statement that the refunds included an additional RM4 billion allocation recently announced by Prime Minister Anwar Ibrahim.

The first RM1 billion of the additional funds was used to clear refund backlogs exceeding three years, regardless of the amounts involved, with another RM1 billion processed for taxpayers with refunds aged two years or more, with priority given to small and medium enterprises,” it added.

LHDN said the refunds were processed and credited between Dec 9 and Dec 18 for 7,819 cases.

Anwar said last week that the government had increased the tax refund allocation from RM2 billion to RM4 billion to accelerate outstanding payments to taxpayers.

LHDN said some refunds could not be processed due to incorrect or missing bank account information. Taxpayers were urged to ensure their bank account details with the board are accurate and up to date.

“Furthermore, refunds cannot be processed if the case is under legal dispute, the taxpayer has outstanding assessments for other years, or the eligible company has been liquidated or dissolved,” the statement said.

LHDN confirmed it would continue to ensure refunds are disbursed systematically and progressively, prioritising the largest amounts and outstanding refunds involving small and medium enterprises. - FMT