KUALA LUMPUR, June 15 — The Dewan Rakyat today passed five motions tabled by the Finance Ministry involving government funding and taxation.
The motions passed unanimously were the Development Fund under the Government Funding Act 1983 (Act 275), the Customs Order, the Windfall Profit Levy Order, the Excise Duties Order and the Sales Tax Order.
Deputy Finance Minister I Datuk Seri Ahmad Maslan, when tabling the motion for the Malaysian Government Investment Issue (MGII) Money Transfer, said the transfer would involve the remaining proceeds amounting to RM27 billion from the MGII until the end of May 2023 under section 3(1) of the Government Funding Act 1983 (Act 275) to the Development Fund.
The transfer would be implemented to fund part of the development spending requirements for 2023, he said.
“Section 4(b) of the Government Funding Act 1983 provides that receipts from MGII can only be transferred to the Development Fund after obtaining the approval of the Dewan Rakyat with a resolution,” he said.
Ahmad Maslan also tabled the motion for the Customs Order involving, among others, the extension of the imposition of dumping duties on steel products and the imposition of excise duties on liquid or nicotine gel products used in electronic cigarettes.
As for the Windfall Profit Levy Order, Ahmad Maslan said the order would be imposed on oil palm fruit production in Peninsular Malaysia, Sabah and Sarawak at a rate of three per cent.
As for the Excise Duties Order, Deputy Finance Minister II Steven Sim Chee Keong said it would involve the imposition of excise duties on liquid and nicotine gel products used in electronic cigarettes.
Meanwhile, the Sales Tax Order Gazette on April 1, 2023 would be in line with the imposition of excise duties on liquids or nicotine gels used in electronic cigarettes with an excise duty rate of 40 cents per millimetre, which is the same rate as that imposed on liquid and gel without nicotine. — Bernama
