KUALA LUMPUR, Oct 11 — The Dewan Rakyat has passed the Inland Revenue Board of Malaysia (Amendment) Bill 2023 via a majority voice vote today.

The Bill was passed with 16 members of parliament participating in the debate session.

Deputy Minister of Finance I Datuk Seri Ahmad Maslan said not the entire tax collection amounting to RM175 billion by the IRB last year had been invested, instead the collection was given to the Retirement Fund (Incorporated) (KWAP).

"The RM175 billion collected last year was given directly to KWAP. The (IRB) gets a 1.85 per cent fee which amounts to less than RM3.3 billion, their cost is about RM2 billion and the remaining is about RM1 billion or less.

"That is what they invest in commercial banks,” he said.

Ahmad said the Bill allows the IRB to further invest in Islamic financial institutions, development and cooperatives.

During the debate at the committee level, Ahmad said Clause 4 was amended by providing for the minister to immediately appoint new members to replace members whose appointments have been cancelled.

Clause 4 seeks to amend section 9 of Act 533 to provide that the minister may, at any time, without giving any reason, cancel the appointment of a member after consultation with the chief minister of Sabah and the premier of Sarawak.

In addition, the appointed member may resign at any time by giving written notice to the minister. — Bernama