IRB Media Release – Expedite Tax Refund

The Inland Revenue Board (IRB) has promised in a media release issued on 22 March 2012, to expedite tax refund for taxpayers who file their Income Tax Return Forms (ITRF) via e-Filing, provided that the name, identity card number and bank account information of the taxpayers are in order.

The use of Electronic Fund Transfer (EFT) has enabled the IRB to reduce the time taken for processing a refund to less than 30 days as stipulated in the Client Charter. Based on their records, the IRB stated that in 2011 only 24% of refund cases were made via EFT. The IRB cited various factors that caused a delay in the processing of tax refund as follows:-

i) Taxpayers are reluctant / hesitant to disclose their bank information in their ITRFs.

ii) The details of bank accounts provided by taxpayers are invalid, or the accounts are inactive or closed.

iii) The details such as the name or identity card number or passport number disclosed to the IRB do not match the bank records.

Members may view the Media Release at IRB’s website.