GST: Where is the missing RM19.24 bn? (The fugure was adjusted up from RM18 bn.)

13 August 2018

KUALA LUMPUR, Aug 13 — Finance Minister Lim Guan Eng admitted to making a mistake in the Dewan Rakyat last week while announcing the figures for the Goods and Services Tax (GST).

He clarified that the actual loss in the input tax credit fund for the GST is higher than first reported, adding that the error happened when one of his officers mistakenly left out the decimal figure in the fund’s available amount, which resulted in two completely different figures.

“It was announced last week that the available funds is approximately RM1.48 billion. However the real figure is around RM148.6 million,” Lim said in the Dewan Rakyat today.

This meant that instead of a loss of RM17.91 billion in the fund, the number is actually RM19.24 billion since 2015 until May 31 this year.

https://www.malaymail.com/s/1661934/guan-eng-admits-to-mistake-on-gst-figures-says-input-tax-credit-amount-high#.W3ErGYHG4gM.twitter

12 August 2018

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11 August 2018

What took you so long to notice missing GST refunds? Najib asks Guan Eng

KUALA LUMPUR, Aug 8 — Former prime minister Datuk Seri Najib Razak today questioned Finance Minister Lim Guan Eng on why it took him three months before realising that the GST refunds trust account was missing RM18 billion.

“The question is why did it take three months before the Finance Minister realised that RM18 billion was not paid (to the GST Refund trust account) and now they say the government can’t pay the refunds because they have been ‘robbed’.

“RM18 billion is not a small amount. What I see is that the Pakatan Harapan (PH) government did not expect the spike in GST refund claims the moment it was zero rated,” Najib said in a Facebook post.

“The three months GST tax exemption where the government had no revenue means the money inside the Consolidated Trust Fund (Kumpulan Wang Amanah Disatukan) that should have been channelled (into the refund account) could have been used for government expenditure,” Najib said.

https://www.malaymail.com/s/1661487/what-took-you-so-long-to-notice-missing-gst-refunds-najib-asks-guan-eng

10 August 2018

PUTRAJAYA: Former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah today lodged a report with the Malaysian Anti-Corruption Commission (MACC) on the alleged disappearance of RM18 billion in Goods and Services Tax (GST) refunds.

He said the report was lodged so that the graft buster could investigate the matter, which he had described as unfounded.

“It is baseless. I want the details because he (Finance Minister Lim Guan Eng) said it’s missing, it’s not missing but credited into a consolidated fund.

“I lodged report with the MACC as I want the truth (to prevail),” he told reporters before leaving the MACC headquarters.

Irwan, who was driving a black Chevrolet car, arrived at the MACC headquarters about 9.40am and said he would even lodge a police report on the same matter today.

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https://www.nst.com.my/news/nation/2018/08/400013/missing-rm18-billion-irwan-serigar-lodges-report-macc

9 August 2018

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KUALA LUMPUR: Finance Minister Lim Guan Eng has urged former Treasury secretary-general Mohd Irwan Serigar Abdullah to explain the reasons for not depositing the GST refunds into a trust account meant for it.

He also asked Irwan to be involved in the internal investigations that was being carried out by the finance ministry on the matter.

He said this while wrapping up on the Customs (amendment) Bill 2018 at the Dewan Rakyat.

Lim was reponding to a statement by Irwan who had dismissed allegations that the money meant for GST refunds had gone missing.

Irwan in a statement published by the media today said all monies collected were put under the government’s consolidated funds and the amount due for refund was put into the trust account on a monthly basis based on the requirements of the Customs Department.

http://www.freemalaysiatoday.com/category/nation/2018/08/09/explain-why-gst-refunds-not-in-trust-account-lim-tells-irwan-serigar/

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7 August 2018

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KUALA LUMPUR, Aug 7 — Finance Minister Lim Guan Eng today accused the previous Barisan Nasional (BN) government of stealing tax refunds under the Goods and Services Tax (GST) that were meant to be returned to businesses.

A visibly angry Lim tried to hold back his temper before lashing out, telling Parliament that it was this reason that made the system problematic under BN.

“If you all don’t know what is the real reason as to why GST refunds were not given, I suspect Jeli maybe knows,” Lim sarcastically said, referring to former International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

“This is a very serious matter, which was supposed to be paid in two weeks. But for two years it was not paid, because the money paid as advance was not included into the trust account, but put into a consolidated fund, as revenue, and because it was assumed as revenue, was used up by the previous government!

“That is the reason. When you said, you want to reform GST, it is not a reform, but a robbery of GST!

“This is a very serious robbery, whereby money that was supposed to be in the trust account, was not in the trust account,” Lim screamed in the Dewan Rakyat, visibly stunning Rembau MP Khairy Jamaluddin.

“How will the current government then pay (GST refunds), if money is not in the trust account?!” Lim screamed again.

It is unclear what Lim meant by a trust account, as he did not deliberate further, but such accounts are traditionally used to hold funds, to be channeled for specific purposes.

He then proceeded to ask Khairy, if the latter realised the problem when he was a minister.

“You should know. You should know the accounts. If you read through the accounts, you should know. As a minister, you have the responsibility to look through the accounts! You have failed!” Lim lashed out at Khairy.

Khairy had initially asked Lim to fully explain about the input tax claims, which were not returned by the government.

He told Lim that he was informed that there were many cases with refund problems for amounts between RM7 billion and RM8 billion every year, because there were problems within the Customs Department.

The department had refused to release the refunds, as it wanted to first ascertain the claims.

Khairy said this was verified to him by the former finance minister II, who informed him however, that it was a normal issue.

He also told Lim that if the problem was only with the GST refund process, Lim could easily rectify that.

After Lim’s fiery response, Khairy then asked him to prove his accusation.

“All right. I will prove it tomorrow, when I table the Bill to abolish GST!” Lim said, taking Khairy’s challenge.

https://www.malaymail.com/s/1660161/bn-robbed-businesses-of-gst-refunds-guan-eng-tells-parliament#.W2muXhlbiGM.twitter

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