PAC report on GST likely to be tabled next week
KUALA LUMPUR: The Public Accounts Committee (PAC) plans to table its report on the probe into the apparent shortfall of RM19.4 billion in Goods and Services Tax (GST) refunds by next week.
Its deputy chairman, Wong Kah Woh, said the committee was expected to be briefed by the Audit Department prior to finalising the report.
“Next week, we will have another briefing by the Audit Department. We will see if there is anything to add (to the report) and feedback (from the Audit
Department).
“If there is nothing to add, we will try to close (complete all proceedings) and present the report (in the Dewan Rakyat) hopefully by next week,” Wong said at the Parliament lobby yesterday.
Last August, the Dewan Rakyat was told that the previous government could not refund companies their tax credit from the implementation of GST because 93 per cent of the funds was not placed in the correct account.
Lim alleged that some RM18 billion of the RM19.4 billion input tax credit under the GST was “robbed” by the previous administration.
He also said up to May 31 last year, the outstanding GST refunds stood at RM19.39 billion, whereas there was only a balance of RM1.486 billion in the repayment funds.
Lim said from the total input tax credit, RM9.2 billion, or 47 per cent, was recorded between Jan 1 and May 31, RM6.8 billion (35 per cent) in 2017, RM2.8 billion (15 per cent) in 2016, and RM600 million (three per cent) in 2015.
Under GST, the input tax credit allowed businesses to reclaim credit for taxes paid on purchases, subject to filing of input tax documents.