Kuala lumpur: The Inland Revenue Board (IRB) has successfully completed tax refund payments totaling RM14.55 billion, covering 3.47 million cases as of November 30, as announced by Deputy Finance Minister Lim Hui Ying. This marks a significant increase from the previous year's RM12.39 billion in refunds across 2.71 million cases.

According to BERNAMA News Agency, Lim stated that of the 3.47 million cases refunded this year, 3.34 million cases have been fully settled, amounting to RM13.32 billion. The IRB has developed strategies aimed at enhancing tax refund management, ensuring that government-allocated provisions are distributed efficiently. Priority is given to refund cases based on the age of arrears.

Lim highlighted that the IRB's approach includes issuing tax refunds prior to conducting audits and emphasizing the settlement of older refund arrears. Additionally, the IRB has fully settled refund arrears for individual taxpayers and is considering prioritizing micro, small, and medium enterprises (MSMEs) and companies experiencing cash flow challenges.

In a related development, the Dewan Negara has passed the Finance Bill 2025, which introduces amendments to five tax-related acts: the Income Tax Act 1967, the Real Property Gains Tax Act 1976, the Stamp Act 1949, the Labuan Business Activity Tax Act 1990, and the Petroleum (Income Tax) Act 1967. The bill was approved by a majority vote following a debate by 11 senators. The Dewan Negara session will continue tomorrow.