The Inland Revenue Board (IRB) of Malaysia (Amendment) Bill 2023 was tabled for the first reading in the Dewan Rakyat today.
The bill was presented by Deputy Finance Minister II Steven Sim Chee Keong, who said that the bill will be presented for a second reading at the current Dewan Rakyat sitting.
Based on the blue copy of the bill distributed in Parliament today, the amendment involves the provisions of the IRB Act 1995 (Act 533), where Clause 1 contains a brief title and arrangement of the coming into force of the proposed Act.
“Clause 2 aims to amend Section 6 of Act 533 to expand the membership of the IRB board by adding one person representing Sabah and one person representing Sarawak appointed by the minister,” said the copy.
Whereas, Clause 3 aims to amend Section 7 of Act 533 to provide that members appointed under paragraph 6(1)(da) or (db) shall also hold office, subject to terms determined by the minister, for a period not exceeding three years and shall be re-appointed.
Clause 4 seeks to amend Section 9 of Act 533 to provide that the appointment of a member appointed under paragraph 6(1)(da) or (db) may also, at any time, be revoked by the minister without giving any reason thereof.
In addition, Clause 5 aims to amend paragraph 28(a) of Act 533 to expand IRB’s investment powers by keeping its money available for investments in Islamic banks duly licensed under the Islamic Financial Services Act 2013.
