KUALA LUMPUR: Tax refunds, including for the Goods and Services Tax (GST), amounting to RM37bil, could help stimulate the economy, says Finance Minister Lim Guan Eng.
He said the government had started refunding GST money amounting to RM19bil from last month and income tax refunds amounted to RM18bil.
“We hope to complete the refund process by October,” he told newsmen at the Malaysia-China Chamber of Commerce Lunar New Year celebration at a hotel here Saturday (Feb 16).
Lim said Malaysia’s economic growth was projected to increase in the first quarter of 2019.
Malaysia-China Chamber of Commerce president Tan Yew Sing said Malaysia and the Asian region had great potential as it was part of a huge, emerging market.
With strengthening of Malaysia-China bilateral ties, greater growth could be anticipated, he said.
“We must continue enhancing trade relations with China,” he said.
