Inland Revenue Board is refunding first and conducting audits later?

Inland Revenue Board is refunding first and conducting audits later?

I hate it when people owe me money. What about you?

I hope you also hate it when people owe you money and pretending they never borrowed from you. If you are not, just email me your contact okay. I also want to ask you to lend me some funds and then I will disappear from your view too. Well, there was this recent uproar over SMEs being owed refunds. It was also said that IRB was not refunding fast enough. Is this really the case, still?

Well, as of the news I read, it seems that the IRB has paid RM14.55 billion and in fact as per what our Deputy Finance Minister is saying, IRB’s strategies currently include paying tax refunds first and conducting audits later. Not sure how they will do this or what happens if indeed they overpaid but it’s okay. If the Deputy Finance Minister said so, then I will just believe what she said. I hope all the SMEs will receive their refunds and use it for their business so that they can expand, can hire more people too.

Article in malaymail.com. The Inland Revenue Board (IRB) has completed tax refund payments amounting to RM14.55 billion involving 3.47 million cases as of November 30, said Deputy Finance Minister Lim Hui Ying.

She said the amount represents a 17.5 per cent increase compared with RM12.39 billion in tax refunds involving 2.71 million cases recorded last year.

“Of the 3.47 million cases refunded this year, 3.34 million cases have been fully settled, with total refunds amounting to RM13.32 billion.

According to Lim, the IRB’s strategies include paying tax refunds first and conducting audits later, as well as prioritising older refund arrears.

At the same time, the IRB also settled refund arrears in full for individual taxpayers, and considered prioritising micro, small and medium enterprises (MSMEs) and companies facing cash flow constraints. Article in malaymail.com.

Generally, money owed needs to be paid, simple fact yeah

PTPTN loans must be repaid so that future tertiary students still could borrow. So, if they owe and they did not pay, then actions must be taken. It’s not about them. It’s about the future of Malaysians who aspire to further their studies but failing to do so. Thus, they could not get a proper tertiary qualifications and this will impact their future as well. See… not about the borrowers alone. It’s about the future of young Malaysians too.

If one has a mortgage, one has to pay or else, the bank may auction off the property to pay for the outstanding. It’s not an easy task but my friend told me that banks are now becoming more efficient in doing this. It seems that auctions are no longer taking forever. Once the person does not pay for 3 months, firm actions are taken and pretty soon, people can see that property under the auction status too.

So, this is the same for IRB too. Refunds should be processed asap so that these SMEs are then able to continue their business without any issues.

Happy understanding. 

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