Tax refunds have always been a popular topic among all, especially on the timing of the receipt. There are several factors that will determine the processing of the tax refund within the time frame. Based on the records gathered by the Inland Revenue Board of Malaysia (“IBRM”), failure in payment of tax refunds to the recipients are due to the following reasons:
Hence, taxpayers are advised to update their personal and banking information in the annual Income Tax Return Form (“ITRF”). Checklist for information to be updated are as follows:
Effective 1st January 2020, income tax refund will be fully made using the electronic method of e-payment. IBRM will also increase the use of online tax refund payment transactions via the Electronic Fund Transfer (EFT) method.
If you need further clarification or information, please do not hesitate to contact us.
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