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

The Inland Revenue Board of Malaysia (IRB) failed to pay out RM486.29mil in tax refunds last year because recipients did not update their personal data and bank account details.

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)

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