KUALA LUMPUR (March 14): The Finance Bill 2023 and the Extraordinary Profits Levy (Confirmation) Bill 2023 were tabled for first reading at the Dewan Rakyat on Tuesday (March 14) in Parliament.
Deputy Finance Minister Steven Sim Chee Keong said the second reading of both bills will also be tabled in the current parliamentary session.
The Finance Bill 2023 will involve amendments to the Income Tax Act 1967, Real Property Gains Tax 1976, Stamp Act 1949, and the Petroleum (Income Tax) Act 1967 in line with Budget 2023.
In Budget 2023, Prime Minister Datuk Seri Anwar Ibrahim announced that individual income tax for the M40 income group will be reduced by two percentage points for those in the RM35,000-RM100,000 income band.
Small and medium enterprises (SMEs) will also get a two percentage points deduction — from 17% to 15% — for the first RM150,000 in income.
Amendments to the real property gains tax involve the transfer of assets between former spouses.
Amendments to the Stamp Act 1949 relate to the provision of financing to SMEs by the government, the expanded imposition of stamp duties, and the repayment of money with regard to the pursuit of higher education.
Amendments to the Petroleum (Income Tax) Act 1967 involve the return of statements via electronic means for those who can be taxed.
The Extraordinary Profits Levy (Confirmation) Bill 2023 aims to confirm the imposition and collection of windfall levies from Jan 1, 1999 to Jan 31, 2023.
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