Audit, tax and advisory services firm, KPMG sees further improvement in Malaysia's Goods and Services Tax (GST) refund process in the near future.
Executive Director-Leader of GST Initiative, Bob Kee, said the firm believed that the process that took three months during the earlier stage of the GST implementation would soon be improved further to a 14-day period as aimed by the Royal Malaysian Customs Department (RMCD).
"The refund process has now been shortened from three months in April to between one and two months.
"It will soon move towards the 14-day period or a practical period set by the Customs (RMCD), once they are satisfied with all the necessary information provided by the companies who make the claim," he told Bernama on the sidelines of KPMG Malaysia Tax Summit here today.
Kee said based on the survey that KPMG had conducted previously, out of the 160 countries that implemented the GST, their average refund period is over 50 days.
"I think we trying to be as efficient as other people, 14 working days is quite ambitious because the average is 50 over days, so the Customs is really working hard."
He said companies took a long time to get refunds at the earlier stage as some forms might not being filled up appropriately or some companies were slow in responding to RMCD's query.
"As people get use to the process of filling the GST return, they become better, they know what to do and what to declare," he said.
"We understand the level of GST compliance has increased and more than 90 percent (of companies) filed the GST returns on time.
"The questions to ask is what is quality of GST return that you file, because that directly impacts on how fast you can get your refund. The Customs can do work a lot faster when all the information are provided correctly," he added.
The difference between output tax and input tax is the net GST payable to the government or refunded by RMCD.
RMCD in its website stated that any refund of tax may be offset against other unpaid GST, customs and excise duties.
Refund will be made to the claimant within 14 working days if the claim is submitted online or 28 working days if the claim is submitted manually.
Bernama
Wed Oct 28 2015
![KPMG expects faster GST refunds soon KPMG expects faster GST refunds soon](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/http://img.astroawani.com/2015-09/81441510690_gstgoodsandservi.jpg)
Based on the survey that KPMG had conducted previously, out of the 160 countries that implemented the GST, their average refund period is over 50 days.
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