Tag: Ministry of Finance

Government settles RM14.7 billion in excess tax refunds until 30 June 2026 – MoF

KUALA LUMPUR, JULY 16 -- The government has settled excess tax refunds totaling RM14.7 billion involving 3.17 million taxpayer cases until June 30, 2026, according to the Ministry of Finance (MoF). According to him, of the total, RM5.75 billion was refunded to 3.1 million individual taxpayers while RM8.95 billion was refunded to 76,511 company taxpayers including 23,356 micro, small and medium enterprises (MSMEs). "In strengthening the refund of excess tax, the Inland Revenue Board of Malaysia (IRB) has implemented various strategies that are fairer and more equitable. "The IRB also ensures that the government's refund allocations can be distributed regularly and effectively based on the age of the case arrears, or regardless of the age of the case, by also giving priority to SMEs and companies that are facing cash flow problems," he said. The MoF announced this in a written response to the Dewan Rakyat published on the Parliament website today in response to a question from Datuk Seri Hamzah Zainudin (PN-Larut) regarding the latest amount of outstanding tax refunds that have yet to be repaid to individual and corporate taxpayers as of May 31, 2026. According to him, for refund cases that are currently in the process of reviewing additional information and documents submitted by taxpayers, the government is committed to continuing to ensure that refund arrears can be fully implemented immediately and taking into account the interests of all taxpayers. MoF informed that the move reflects the government's ongoing efforts to improve the efficiency of tax administration and ensure that taxpayer rights are protected, in line with the MADANI Government's fiscal reform agenda. -- BERNAMA

KUALA LUMPUR, JULY 16 — The government has settled excess tax refunds totaling RM14.7 billion involving 3.17 million taxpayer cases until June 30, 2026, according to the Ministry of Finance (MoF). According to him, of the total, RM5.75 billion was refunded to 3.1 million individual taxpayers while RM8.95 billion was refunded to 76,511 company taxpayers […]

KUSKOP Financing Agencies Go To The Ground To Reach MSMEs, In Line With PM’s Call – Sim

GEORGE TOWN, May 24 -- The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) is mobilising four of its financing agencies to go to the ground and engage micro, small and medium enterprises (MSMEs) by providing advisory services and direct financing assistance. Its Minister, Steven Sim, said the four agencies are the National Entrepreneur Group Economic Fund (TEKUN Nasional), Amanah Ikhtiar Malaysia (AIM), SME Bank and Bank Rakyat, which are regularly deployed, including during the nationwide KUSKOP MADANI Sales programme. He said the move is also in line with Prime Minister Datuk Seri Anwar Ibrahim’s call for microcredit agencies to be more proactive in reaching out to the public and entrepreneurs. “We always go to the ground, provide face-to-face advisory services, and, if anyone is interested in registering with complete documents, they can apply on the spot. “So, we do not wait for customers to come to the office. Instead, we seek out customers, entrepreneurs and petty traders to provide assistance to them,” he told reporters after officiating the Family Day Carnival held in conjunction with the Sungai Pinang state constituency KUSKOP MADANI Sales programme today. Also present was chairman of the state Social Development, Welfare and Non-Muslim Affairs Committee Lim Siew Khim, who is also the Sungai Pinang assemblywoman. Yesterday, Anwar called on relevant agencies to intensify efforts to go to the ground and provide information to small and medium enterprises (SMEs) on financing facilities and assistance offered by the government. The Finance Minister said this was important to ensure the group does not miss out on various initiatives specifically designed to help increase income and expand businesses. Meanwhile, Sim said KUSKOP is always open to discussions with MSMEs facing cash flow problems or affected by economic crisis and disasters. He said this includes assistance through moratoriums and loan repayment rescheduling, which are part of the ministry’s efforts to support MSMEs. According to him, the non-performing loan (NPL) rate involving financing agencies under KUSKOP has also shown improvement over the past one to two years, with fewer borrowers defaulting on repayments. -- BERNAMA

GEORGE TOWN, May 24 — The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) is mobilising four of its financing agencies to go to the ground and engage micro, small and medium enterprises (MSMEs) by providing advisory services and direct financing assistance. Its Minister, Steven Sim, said the four agencies are the National Entrepreneur Group Economic […]

MOF To Block MyKad Of Individuals Misusing RON95 Subsidy

KUALA LUMPUR, March 23 (Bernama) -- The Ministry of Finance (MOF) will block the cards of individuals found to have abused the BUDI MADANI RON95 (BUDI95) assistance programme by filling subsidised RON95 petrol into empty barrels or containers, as has gone viral recently. MOF stressed that such action clearly violates regulations because it constitutes misuse of fuel subsidies under the BUDI95 initiative and could affect the government's efforts to ensure transparent, targeted and effective subsidy management. "Investigations found that the individual involved is a Malaysian and a MyKad holder. Following that, the MOF will take action by blocking the identity card used during that transaction, as well as the vehicle owner, from continuing to enjoy BUDI95,” it said in a statement today. The government, the MOF said, will not compromise on any form of subsidy leakages and misuse, especially amid current uncertainties that require close control over fuel supply and prices. Earlier, a video clip went viral depicting two individuals at a petrol station filling subsidised RON95 petrol into a container placed in the boot of a vehicle. According to the MOF, enforcement actions will continue to be intensified to curb such irresponsible activities, adding that the government appreciates the efforts of caring members of the public in channelling complaints regarding this matter. Members of the public are encouraged to continue providing information and lodging complaints if they detect any suspicious activities related to subsidy distribution by contacting the BUDI MADANI Service Centre at 1300-88-9595, via WhatsApp +603-26314595 or by email at budimadani@treasury.gov.my.

KUALA LUMPUR — The Ministry of Finance (MOF) will block the cards of individuals found to have abused the BUDI MADANI RON95 (BUDI95) assistance programme by filling subsidised RON95 petrol into empty barrels or containers, as has gone viral recently. MOF stressed that such action clearly violates regulations because it constitutes misuse of fuel subsidies under the BUDI95 […]