Recently many taxpayers received an email from IRB on the approval of a 2% compensation payment for delayed refund of overpaid income tax.

The payment, processed by an approved bank in Malaysia, follows a formula under subsection 111D(2) of the Income Tax Act 1967.

It also includes a legal disclaimer indicating that the Director-General of Inland Revenue retains the right to recover the payment if it’s found to have been made erroneously or based on the taxpayer’s incorrect information.

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