Govt has settled RM20.71bil in tax refunds as of Oct 31

As of October 31, the Malaysian government has refunded a staggering RM20.71 billion in excess tax payments to 3.65 million taxpayers, according to Finance Minister II Datuk Seri Amir Hamzah Azizan. Of this amount, RM6.84 billion has been returned to 3.4 million individual taxpayers, while RM13.036 billion has been refunded to 206,234 corporate taxpayers, including micro, small and medium enterprises (MSMEs).

The government has prioritized tax overpayment reimbursements for individuals and MSMEs, resulting in nearly half of the taxpayers with excess tax payments being resolved, dropping from one million in December last year to 550,000 as of October 30, 2023. The Finance Minister reiterated the government's commitment to settling all outstanding refunds promptly to enhance tax administration efficiency and protect taxpayers' rights, aligning with the Madani government's fiscal reform agenda.

Unclaimed money in Malaysia stands at RM14 billion as of September 30, 2023. The primary reasons for this accumulation include public unawareness about the existence of such funds and the right to claim them, difficulties in locating owners due to outdated contact information, and the lack of knowledge among owners that money is owed to them.

The government has implemented measures to streamline the process of returning unclaimed money, such as the eGUMIS portal, which allows the public to check and claim unclaimed funds online easily and free of charge.