The Inland Revenue Board has processed RM19 billion in tax refunds this year, including an extra RM4 billion allocation to clear older arrears.
PUTRAJAYA: The Inland Revenue Board has fully processed and credited an additional RM4 billion allocation for tax refunds between December 9 and 24.
The board said the allocation involved 110,074 cases and followed an announcement by Prime Minister Datuk Seri Anwar Ibrahim earlier in December.
For the period from January 1 to December 24, the IRB processed total tax refunds of RM19 billion across 3,632,003 cases.
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A total of RM15 billion was processed from January 1 to December 8, involving more than three million cases.
Subsequent weekly tranches from December 9 to 24 saw RM1 billion processed in each period.
The first additional RM1 billion fund successfully resolved refund arrears older than three years, regardless of the amount.
The next RM3 billion was credited to taxpayers with refunds two to three years old, with a focus on small and medium enterprises.
The IRB advised taxpayers to ensure their registered bank account information is accurate and up-to-date to facilitate smoother refunds.
Some refunds could not be processed due to incorrect bank details, ongoing court disputes, other tax arrears, or dissolved companies.
“The IRB will continue to ensure that refunds are settled in an orderly and phased manner,” the board said.
Priority is given to outstanding amounts involving SMEs, according to the statement. – Bernama
