Nation

Finance Bill passed

KUALA LUMPUR: The Dewan Rakyat today passed the Finance Bill 2023 with a majority voice vote.

Deputy Finance Minister Steven Sim Chee Keong, during the second reading, said the bill sought to amend the Income Tax Act 1967, the Real Property Gains Tax 1976, the Stamp Act 1949, the Petroleum (Income Tax) Act 1967 and the Finance Act 2018.

"The bill seeks to enforce the tax measures announced in the 2023 Budget on Feb 24, in addition to improvements required by related acts."

Sim said the bill contained 29 clauses divided into six chapters, to amend the five acts.

He said there were also amendments to be proposed at the committee level.

"The amendments came about after the government refined the tax measures in the 2023 Budget.

"They are related to the appropriate effective date to enable preparations to be made by taxpayers and the government's decision to continue allowing tax deductions for the National Education Savings Scheme (SSPN)."

The amendments to the Income Tax Act involved 15 clauses: Clauses 4 to 17.

The amendments to the Real Property Gains Tax Act involved Clauses 18 and 19; the Stamp Act involved Clauses 20 and 21; the Petroleum (Income Tax) Act involved Clauses 22 to 27; and the Finance Act 2018 involved Clauses 28 and 29.

Most Popular
Related Article
Says Stories