Finance Bill approved

Dewan Rakyat today approved the Finance Bill (No. 2) 2023.

The Bill was tabled by Deputy Finance Minister II Steven Sim after its third reading today to amend the Income Tax Act 1967, Real Estate Gains Tax Act 1976, Stamp Act 1949, Petroleum (Income Tax) Act 1967, Labuan Business Activity Tax Act 1990 and the Entertainment Duties Act 1953.

The amendment also involves the Customs Act 1967, Excise Act 1976, Goods Vehicle Levy Act 1983, Extraordinary Profits Levy Act 1998, Tourism Tax Act 2017, Sales Tax Act 2018, Service Tax Act 2018, and Clearance Levy Act 2019.

When tabling the Bill today, Sim said the amendment is to enforce tax measures announced during Budget 2024 including the capital gains tax on the disposal of unlisted shares, global minimum tax and electronic invoice.

“Besides that, the Bill aims to improve direct income tax and indirect tax that needs the amendment to related acts,” he said.