save malaysia!

RM19.47b in GST refund not paid to 121,429 individuals, companies

savemalaysia
Publish date: Fri, 07 Dec 2018, 04:59 PM
savemalaysia
0 148,830
Following Message
KUALA LUMPUR: The former government failed to reimburse RM19.47bil in Goods and Services Tax (GST) refund to 121,429 companies and individuals, says Finance Minister Lim Guan Eng.  

He said under Section 54 of the GST Act 2014, the monies collected must be deposited into the GST Trust Fund to enable reimbursements.

“Unfortunately, the former government did not do this and the entire amount was instead deposited directly into the Consolidated Fund Account, contravening the GST Act,” said Lim in a statement, adding that the Royal Malaysia Customs Department (RMCD) confirmed that an audit on the GST refund claims of RM19.47bil was completed and approved for payment end-July this year.

However, there was a shortfall of RM19.2bil as there was only RM148.6 million left in the GST Trust Fund, which was insufficient to repay the arrears. 

On the payment of arrears amounting to RM900mil to two government-owned companies, Lim said the RMCD has clarified that the payment arose from an exemption given by the Ministry of Finance under Section 56(3) of the GST Act 2014 for the input tax paid by them.

“I have been made to understand that RM187.8mil was paid, and that there was no loss of funds as both companies are 100 per cent owned by the Federal government,” he added.  -- Bernama 
 
 
https://www.thestar.com.my/business/business-news/2018/12/07/rm19pt47b-in-gst-refund-not-paid-to-121429-individuals-companies/

 

More articles on save malaysia!
Kedah assembly passes bill to place Syariah court under state constitution

Created by savemalaysia | Aug 25, 2024

Case study by researchers reveal high risk areas for sinkhole occurrence

Created by savemalaysia | Aug 25, 2024

Engineers’ institute offers aid, urges thorough probe into KL sinkhole

Created by savemalaysia | Aug 25, 2024

Ahmad Maslan urges Barisan to be savvy with social media use ahead of Mahkota poll

Created by savemalaysia | Aug 25, 2024

Anwar vows to keep up search for KL sinkhole victim

Created by savemalaysia | Aug 25, 2024

Anwar’s hopes are high for PH-BN collaboration next general elections

Created by savemalaysia | Aug 25, 2024

M’sian Indians want action against Tamil extremist group for inciting hatred against non-Tamils

Created by savemalaysia | Aug 25, 2024

5,000 locals to be trained, hired under Malaysia-India tech partnership

Created by savemalaysia | Aug 25, 2024

Anwar receives courtesy call from Brazil's foreign minister

Created by savemalaysia | Aug 25, 2024

Government to expand awareness programmes on benefits of cooperatives

Created by savemalaysia | Aug 25, 2024

Discussions
Be the first to like this. Showing 3 of 3 comments

5354_

If nobody claim why not use RM 19.47 billion to goreng Bursa small-mid caps(those not owned by big funds EPF, KWAP, PNB)?

2018-12-07 17:56

5354_

RM 19.47 billion enough to goreng small-mid caps(850 counters?) 100-200%(below 10 -50 sen) from lowest?

2018-12-07 18:05

newbie5354_

In 90's rubbish ctrs like Repco, Hwa Tai fried to RM 200. Whose money use to fry them?

2018-12-07 18:11

Post a Comment