PUTRAJAYA: The Trust Fund was in a deficit of RM19.4 billion to pay the refunds of the Goods and Services Tax (GST) to the tax payers said the Customs Department Director General, Datuk Seri T. Subromaniam on Saturday.
He said, from April 1 2015 to May 31 2018, Customs Department had tabled the Trust Fund meetings that RM82.9 billion was needed for GST refunds.
Subromaniam added, in the series of monthly meetings that were chaired by Treasury Secretary General, the Customs Department had requested for RM82.9 billion to pay the refunds but however the full amount was not transferred to the Trust Fund.
“The amount was based on GST-03 form (for GST refunds) which had been filed into the Custom Department GST system by the tax payers.
“However out of RM82.9 billion only RM63.5 billion had been paid via the Trust Fund for that said period,” he emphasized in a statement.
He also explained that all GST payments go into the Federal Government’s consolidated funds account before it is transferred to the Trust Fund for GST refunds.
He also mentioned that theTrust Fund was formed to pay the refund of GST under Section 54, GST Act (2014).
Subromaniam added, the Trust Fund however had difficulties in paying the arrears of GST refunds amounting RM19.8 billion as of May 31.
The Customs Department Director General issued the statement following Finance Minister Lim 8 Eng who said that RM18 billion out of RM19.4 billion GST refunds were missing under the former Barisan Nasional government. –Malaysia World News