RM486.29mil In Tax Refunds Failed To Be Paid Out Last Year
Author Avatar


RM486.29mil In Tax Refunds Failed To Be Paid Out Last Year

Last year, the Inland Revenue Board of Malaysia (IRB) was unable to refund RM486.29 million in tax to the Malaysian taxpayers because they failed to update their personal data and bank account details.

RM 486.29 million or 6.22% of tax excess collected was not refunded due to the following reasons: addresses were not as registered with the IRB so cheques and vouchers went undelivered, a mismatch of account number or company registration number between the bank and the IRB database, or simply because the taxpayer’s bank account was closed or inactive.

To avoid failure in processing your tax refunds, IRB is advising you to update your latest personal and banking information when filing the annual Income Tax Return Form (ITRF). The update can also be done via IRB’s e-Kemaskini system or through the feedback form available on the IRB official website.

It is important for you to update your personal identification number, bank account number, correspondence address, telephone number, e-mail address, and company registration number (for companies/organisations) to speed up the tax refund process. The IRB stresses the importance of updating these details so you may receive the refund within the promised 30 days after filing your taxes.

The IRB plans to increase the use of online tax refund payment transactions via the Electronic Fund Transfer (EFT) method. From 1 January 2020, it intends to fully use the electronic method of e-payment to make income tax refunds.

Have you filed your income tax yet this year? If you’re putting it off because you’re not quite sure how to do it, we’ve got you covered – here’s everything you need to know about filing your personal income tax in 2019.

(Source: The Star)


0 0 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
- 7th June 2023
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Astro 4K Ultra HD Broadcast To Be Available For Subscription By The End of This Year
Brian Chung
- 14th August 2018
By the end of 2018, Astro customers will be able to watch football matches in Ultra HD. Read on to know more about the 4k Ultra HD service.
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Best High Interest Savings Accounts In Malaysia (January 2023)
Pang Tun Yau
- 11th January 2023
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image