Did Najib leave RM450 million for RM11.86 billion in tax refunds?

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Najib Left Only RM450 Million for RM11.86 Billion in Tax Refunds

Finance Minister Lim Guan Eng stated that the Treasury, under the previous administration led by Datuk Seri Najib Razak, had only RM450 million available in the Consolidated Revenue Account to cover RM11.86 billion in outstanding tax refunds as of April 30, 2018. This situation arose despite the government owing a significantly larger amount in tax refunds at the end of December 2017.
Insufficient Funds for Tax Reimbursement

As of April 30, 2018, the Consolidated Revenue Account, which is the designated source for taxpayer reimbursements, held a mere RM450 million. This figure stands in stark contrast to the RM11.86 billion that the government owed to the public as tax refunds at the close of December 2017. Only funds held within the Consolidated Revenue Account can be legally transferred to the GST and Tax Refund Trust Account for the purpose of reimbursing taxpayers.
Discrepancy in Consolidated Account Figures

Lim Guan Eng challenged former Finance Minister Najib Razak's assertion that the Consolidated Account held RM42.2 billion as of December 31, 2017. He clarified that while RM11.86 billion was indeed in the Consolidated Revenue Account at that time, this specific amount was never transferred to the Tax Refund Trust Account. This indicates a substantial shortfall in available funds for tax refunds.
Deterioration of the Consolidated Revenue Account

Following the change in government, the unaudited Consolidated Account was reported to be RM35.5 billion, with the Consolidated Revenue Account containing only RM450 million. This signifies a considerable decrease of RM11.41 billion, or 96 per cent, in the Consolidated Revenue Account within a period of just over four months, from December 31, 2017, to April 30, 2018.
Pakatan Harapan's Management of Funds

In contrast, the Pakatan Harapan administration reported an increase in the unaudited Consolidated Account to RM59.9 billion by July 31, 2018, with RM3.81 billion in the unaudited Consolidated Revenue Account. This represented an improvement of 8.5 times compared to the balance as of April 30, 2018, under the previous government. This increase was achieved despite the commencement of a tax holiday on June 1, 2018.

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Did Najib leave RM450 million for RM11.86 billion in tax refunds?

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