KUALA LUMPUR: The Public Accounts Committee (PAC) plans to table its report on the probe into the apparent shortfall of RM19.4 billion in Good and Services Tax (GST) refunds by next week.
As of now, 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 (in the report) and feedback (from the audit department).
“If there is nothing to add, then we will try to close (complete all proceedings) and present the report (in Dewan Rakyat) hopefully by next week,” Wong said when met at the Parliament lobby today.
Last August, the Dewan Rakyat was told that the previous government had not been able to refund companies their tax credit from the implementation of the GST because 93 per cent of the money 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 that as of May 31, the outstanding GST refund stood at RM19.39 billion whereas there was only a balance of RM1.486 billion in the repayment fund.
Lim said from the total input tax credit, RM9.2 billion or 47 per cent was recorded between Jan 1 and May 31 this year, RM6.8 billion or 35 per cent in 2017, RM2.8 billion (15 per cent) in 2016, and RM600 million (3 per cent) in 2015 (from April 1 to Dec 31, 2015).
Under the GST, the input tax credit allowed businesses to reclaim credit for taxes paid on purchases, subject to filing of input tax documents.