PUTRAJAYA, Dec 30 — The entire additional allocation for tax refunds amounting to RM4 billion has been processed and credited between Dec 9 and 24, involving 110,074 cases, according to the Inland Revenue Board (IRB).

This is in line with the announcement by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim on Dec 7 that the government has increased the allocation for tax refunds from RM2 billion to RM4 billion to expedite refunds of outstanding tax payments to taxpayers.

In a statement today, IRB announced that it has processed tax refunds amounting to RM19 billion involving 3,632,003 cases for the period from Jan 1 to Dec 24.

“For the period 1 Jan to 8 Dec, a total of RM15 billion was processed with more than three million cases recorded, while for the periods Dec 9 to 15, Dec 16 to 18, Dec 19 to 22 and Dec 24 to 24 Dec, an amount of RM1 billion was processed each.

“The first additional RM1 billion fund allocated has successfully resolved refund arrears that are more than three years old regardless of the amount involved,” said the IRB.

The next RM3 billion fund has been processed to be credited to taxpayers who have refund amounts that are two to three years old with a focus on small and medium enterprises.

IRB also advised taxpayers to update and ensure that the bank account information reported to the agency is accurate and up-to-date to enable the refund process to be implemented more smoothly.

This is because some refunds could not be processed due to errors or the absence of correct bank account information, in addition to no refunds being processed because involving court case disputes, taxpayers have arrears for other assessment years and companies eligible to receive payments have been wound up or dissolved.

“The IRB will continue to ensure that refunds are settled in an orderly and phased manner according to the priority of the refund amount and priority is also given to outstanding amounts involving SMEs,” said the IRB. — Bernama