KUALA LUMPUR, Jan 22 (Bernama) -- The Inland Revenue Board (IRB) targets to complete corporate tax refunds for excess payments for the year of assessment (YA) 2023 by the first quarter of 2026 and refunds for YA 2024 by end of this year.
Deputy Finance Minister Liew Chin Tong said the agency is currently focusing on addressing the outstanding corporate tax refunds in stages.
“This move is in line with ongoing efforts to strengthen the management of refunds for excess taxes paid by making it fairer and more orderly,” he said during a special chamber session in the Dewan Rakyat today.
Liew said that as part of improvement measures, the IRB has formulated several strategies to expedite the refund process.
“These include the adoption of the ‘first in, first out’ (FIFO) concept to ensure that older refund backlogs are prioritised, as well as distributing excess tax refunds in a balanced manner based on the age of the arrears,” he said.
Liew said full payments will also be made for outstanding refunds for excess tax payments to individual taxpayers, and priority will also be given to micro, small and medium enterprises, as well as companies facing cash flow problems.
-- BERNAMA
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