KUALA LUMPUR: Tax refunds by the government increased 17.8 percent to RM25.72 billion in 2022 compared to RM21.84 billion in 2021, according to the Auditor-General’s Report (LKAN) 2022.
Of that amount, RM24.26 billion was income tax refund, which was a 20.2 percent increase from the RM20.19 billion that was refunded in 2021, the report said.
Goods and services tax refunds increased 13.4 percent to RM686.06 million in 2022 while real property gains tax refunds fell 25.6 percent to RM771.69 million compared to RM1.04 billion in 2021.
According to the LKAN issued today, tax refunds on income and real property gains were managed by the Inland Revenue Board (LHDN) using allocations from the Tax Refund Fund Trust Fund (TBBC).
In 2022, as much as RM22 billion had been allocated for tax refund purposes.
“TBBC’s balance at the end of 2022 was RM10.19 billion,“ the report said.
Meanwhile, LKAN said the goods and services tax refunds were managed by the Royal Malaysian Customs Department (JKDM). The report said that the repayment of goods and services tax refunds in 2022 amounted to RM313 million, and the repayment was made using the Goods and Services Tax Refund Fund. -Bernama