Lim Guan Eng
KUALA LUMPUR: The shortfall in Goods and Services Tax (GST) refunds actually totalled RM19.248 billion as at May 31 this year and not the RM17.911 billion he stated last week, says Finance Minister Lim Guan Eng.
Lim had earlier reported that the previous administration had failed to pay input tax refunds within two weeks after submission of proper documents.
He said verified records of the Royal Malaysia Customs Department show that GST refunds stood at RM19.2 billion as at May 31 this year.
“Of this RM19.2 billion, RM9.2 billion was from 2018, RM6.8 billion from 2017, RM2.8 billion from 2016 and RM0.6 billion from 2015,” he said in his speech at the Dewan Rakyat yesterday.
Lim attributed the shortfall in funds approved for GST refunds to weak cash flow by the previous federal government brought about by poor fiscal discipline, widespread wastage and widening debts.
“What the previous administration actually did was to falsify accounts and misappropriate the fund for other purposes or to cover the deficit so as to show a surplus,” he said.
On Aug 9, Lim said the balance in the Refund Trust Fund was only RM1.486 billion as at May 31, 2018.
“Actually, the amount left in the Refund Trust Account was about RM148.6 million only, and not RM1.486 billion as announced last week.
“This was due to an unintentional mistake by an officer in my office who displaced a decimal point,” he said. — Bernama