The Inland Revenue Board of Malaysia has published Operational Guideline 2/2021: Guideline on Compensation on Late Refund of Overpayment of Tax (Malay language). The guideline provides that from year of assessment 2013, 2% compensation is provided for the late refund of tax overpayments where the time refund exceeds 90 days in the case of electronic filing of return and 120 days for paper filings. The compensation is generally available for both individual and corporate taxpayers where the annual return is submitted by the standard deadline (or extended deadline if provided). For corporate taxpayers in particular, the 2% compensation may be...