GST refunds put under trust accounts on monthly basis, says former Treasury Sec-Gen

Tan Sri Dr Mohd Irwan Siregar. -Bernama filepic

PUTRAJAYA: Former Treasury Secretary-General of the Ministry of Finance (MoF) Tan Sri Dr Mohd Irwan Serigar Abdullah has dismissed allegations that money due for refund under the Goods and Services Tax (GST) has gone missing.

He said all monies collected are put under the government consolidated funds and amounts due for refund are put under the trust accounts on a monthly basis based on the requirements of the Customs Department.

"I believe this information is available from the Accountant General's Department and the fiscal division of the MoF," he said.

Irwan was responding to allegations by Finance Minister Lim Guan Eng that RM18bil or 93% of the input tax credit under the GST system due as refund was not put in the trust account.

Lim said in Parliament yesterday that as at May 31, the outstanding GST refund stood at RM19.397mil while a balance of only RM1.486bil was in the repayment fund.

He added that an investigation would be carried out to determine the cause of the missing funds.