KUALA LUMPUR, Oct 9 — The Malaysian Inland Revenue Board (Amendment) Bill 2023 was tabled for the first reading in Parliament today.

The bill was tabled by Deputy Minister of Finance I Datuk Seri Ahmad Maslan.

He said the bill will be tabled for a second reading at the current session.

According to the Parliament’s website, the amendment to the bill aims to amend clauses one to five in the Malaysian Inland Revenue Board Act 1995 (Act 533).

For example, clauses two and four relate to amending section 6 of Act 533 to expand the membership of the board by adding a person representing Sabah and Sarawak.

Clause 3 aims to amend section 7 of Act 533 to provide that appointed members must also hold office, subject to any terms as determined by the minister, for a period not exceeding three years and must be re-appointed.

Clause 5 seeks to amend paragraph 28(a) of Act 533 to expand the board’s investment powers by keeping the board’s money available for investment in Islamic banks that are duly licensed. — Bernama