KUALA LUMPUR: Finance Minister Lim Guan Eng said the Pakatan Harapan government will seek to refund the input tax credit under the Goods and Services Tax (GST) starting next year.
He revealed that the GST input tax credit refunds since its implementation in April 2015 until May 31 this year, totalled RM19.4 billion.
He said according to records of the Royal Malaysian Customs Department the refunds amounted to RM9.2 billion or 47% this year; RM6.8 billion (35%) in 2017; RM2.8 billion (15%) in 2016 and RM600 million (3%) in 2015.
"There is only around RM1.49 billion left in the Trust Fund. This indicates there is a shortfall of about RM18 billion," he said when tabling the Goods and Services Tax (Repeal) Bill 2018 for the second reading in Dewan Rakyat, today.
Lim said the government would study ways to obtain sufficient funds for the purpose of paying out the GST refund claims.