The Public Accounts Committee (PAC) has concluded its probe into the "missing" goods and services tax (GST) refunds, with Finance Minister Lim Guan Eng its final witness.

According to PAC chairperson Ronald Kiandee, the report on its findings will be prepared by the beginning of next year at the latest.

"Lim was the final witness. After this, we will meet again and prepare a report to be handed to the Parliament," he told reporters in Parliament today.

Kiandee, however, refused to divulge whether PAC had found any form of wrongdoing in the matter.

"We will sit and scrutinise the details, evidence and documents presented. We have called seven witnesses," he said.

Lim had told the Dewan Rakyat on Aug 7 and 8 that RM19.4 billion in GST refunds were misappropriated by the previous BN administration.

Police investigated the matter and recorded a statement from Lim.

Lim's predecessor, Najib Abdul Razak, denied the allegation, stating that the money was put into the government's consolidated fund, which was paid out to a trust fund meant to facilitate repayment periodically.

When met later, Lim said that he was shocked to learn that PAC had initially thought that the missing funds still existed.

"I think the PAC understands the explanation given. 

"They were under the false impression that the money (RM19.4b) is still there. We told them it is not there and I think it is clear that it is not there.

"If it is there then I would be having a big celebration, we wouldn't have to take from Petronas," he said. 

He was referring to the one-off special dividend payment of RM30 billion from the petroleum giant to the federal government, as announced in the Budget 2019 presentation.