RM19.4b shortfall in funds approved for GST refunds — Customs

KUALA LUMPUR (Aug 10): The Royal Customs Department confirmed today that there was a RM19.4 billion shortfall in the trust fund set up for the purposes of goods and services tax (GST) refunds.

Customs director-general Datuk Seri Subromaniam Tholasy said that between April 1, 2015 and May 31, 2018 the total amount needed for GST refunds was RM82.9 billion.

His department, he said, had informed the monthly meeting of trust fund, chaired by former treasury secretary-general Tan Sri Irwan Serigar, of the amount.