SO, WHO TOOK THE RM19.4b?

The Goods and Services Tax Trust Fund had a shortfall totalling RM19.4 billion as of May 31, 2018. — DATUK SERI SUBROMANIAM THOLASY, CUSTOMS DEPARTMENT D-G It is possible that PH used money from the consolidated account to cover its monthly expenses when it zero-rated GST from June 1. — DATUK SERI NAJIB RAZAK, FORMER PRIME MINISTER

PUTRAJAYA: Customs directorgeneral Datuk Seri T. Subromaniam yesterday said the Goods and Services Tax (GST) Trust Fund had a shortfall totalling RM19.4 billion as at May 31.

He said the department had requested RM82.9 billion for repayment of GST for the period of April 1, 2015 until May 31 this year, but the full amount was not transferred to the trust fund.

“Only RM63.5 billion of GST repayment was paid via the trust fund for the period concerned.

“Thus, on May 31, the trust fund still faced a shortage to pay the arrears of RM19.4 billion for GST tax repayment.”

He said the request was made during the trust fund monthly meetings chaired by the Treasury secretary-general.

The amount was based on the GST-03 Form, which is to demand the repayment of GST that had been filed into the Customs’ GST system by taxpayers, he said.

The Trust Fund was created for the purpose of GST repayment under Section 54 of the Goods and Services Tax Act (2014).

All GST payments are credited into the Consolidated Fund Account, which is later transferred to the trust fund to allow GST repayment to be made.

On Thursday, former treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah said all money from GST collection had been accounted for, stressing that there should not be missing funds, contrary to claims.

“Every sen is accounted for. It is the people’s money,” he was quoted as saying.

Finance Minister Lim Guan Eng alleged that about RM18 billion, or 93 per cent, of RM19.4 billion in input tax credit in the GST system had gone missing since 2015.

He said based on Customs’ records on the GST input tax, there was RM19.4 billion in input tax credit (to businesses) up to May 31 since 2015, but only RM1.5 billion remained in the trust fund.

Lim had accused the Barisan Nasional government of stealing GST input tax credit that was to be returned to businesses two weeks after it was collected.