Finance Ministry to settle GST refund arrears by this year

Finance Ministry to settle GST refund arrears by this year - Hello loyal readers FeedGoogle, In the article you are reading this time with the title Finance Ministry to settle GST refund arrears by this year, We have prepared this article well for you to read and take information in it. hopefully the contents of the post Article Malaysians, what we write you can understand. Alright, happy reading.

Finance Ministry will settle the Goods and Services Tax (GST) refund arrears totalling RM4.763 billion by the end of the year. Finance Deputy Minister Mohd Shahar Abdullah gave this assurance at the Dewan Rakyat today. He attributed the processing delay to invalid bank registrant information and failure of registrants to respond and submit the relevant documents for verification. According to him, RM1.479 billion was approved for GST refund claims between June 22, 2020, and July 8, 2020. "The government in an announcement on June 15, 2020, agreed for the Royal Malaysian Customs Department to take a pay first and audit later approach for selected companies based on the Goods and Services Tax (Repeal) Act 2018 and certain criteria. "The government hopes that this decision can alleviate the cash flow of the various business sectors in this very challenging economic recovery …