KUALA LUMPUR, Malaysia Sept 1 (NNN-Bernama) � The police recorded a statement on Thursday from Finance Minister Lim Guan Eng on the RM16.046bil excess tax payments which was not refunded to taxpayers over the past six years.
In his statement, Lim said the police were investigating the case as criminal breach of trust under Section 409 of the Penal Code following a police report lodged by DAP’s Keranji assemblyman Chong Zhe Min.
He said the excess tax payment, as of May 31, 2018, which was suppose to be refunded by the Inland Revenue Board (IRB) involved 1,653,786 companies, individuals, associations and foundation.
The large arrears was due to a shortfall in the transfer of direct tax revenue collected into the Tax Refunds Trust Fund (TRTF), he said in a statement issued yesterday.
“The tax refunds can only be made based on the balance in the TRTF, which on May 31 was only RM1.486 billion, according to Accountant-General Department figures,” said Lim, adding that this amount was far lower than the RM16.046bil needed.
He also said the Cashflow Committee, which held monthly meetings chaired by former Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar, did not transfer sufficient funds to the TRTF as requested by the IRB.
Lim also said the IRB Director-General had also written an official letter to Mohd Irwan in 2016 for more funds to be transferred to the TRTF, but it was ignored. � NNN-BERNAMA
Source: NAM News Network