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"IRB confirms the statement by Lim that there was a lack of transfers
from the direct tax revenue collected into the TRFT,” he said.
Sabin noted that based on the TRTF’s constraints, the refund priority
will be given to individual taxpayers.
Sabin added that it will consider Lim’s proposal to allow taxpayers with
outstanding tax refunds set them off against taxes payable for the current
year.
Taxpayers who opt for the set-off are required to submit an application
to their respective IRB branches.
Meanwhile, the refunds for those who do not apply for a set-off will be
processed depending on the TRTF allocation as approved by the
Government and the nation’s financial position.
“Taking into account the financial constraints due to the RM1 trillion
government debt, Lim is currently trying to find financial resources to
enable the refunds either next year or in the following years,” said
Sabin.