KUALA LUMPUR: The Parliament (pic) has approved the Windfall Profit Levy (Amendment) Bill 2022 to amend the Windfall Profit Levy Act 1998.
The bill, which contains seven clauses, among other things, will amend the act to give the Finance Minister the power to extend the tax payment period in the event of an emergency or public health crisis.
The amendment would also enable the Finance Minister to add, delete or change any terms and conditions imposed pursuant to act 592 to implement the purpose of the act, provided that reasonable notice is given to the person bound by the terms and conditions.
The Windfall Profit Levy (Amendment) Bill 2022 presented by Deputy Finance Minister Datuk Mohd Shahar Abdullah in the Dewan Rakyat and was passed after being debated by seven Members of Parliament yesterday, Bernama reported.
Mohd Shahar said new provisions would be introduced and the existing provisions updated to improve the administration of the windfall profit levy.
He said the amendment would also allow certain facilities to be given to taxpayers, especially during public emergencies and public health crises
The Sales Tax (Amendment) Bill 2022, which was passed yesterday, contained 10 clauses and the Service Tax (Amendment) Bill 2022, had seven clauses. The Sales Tax (Amendment) Bill 2022, to amend the Sales Tax Act 2018 (Act 806), involves amending four existing sections and inserting five sections, one schedule and one new section into the actMohd Shahar said among the amendments was to expand the scope of sales tax by imposing sales tax on low value goods (LVG) that are sold online and goods that are imported into the country. Currently, LVG worth RM500 and below are not subject to any tax when imported into Malaysia in accordance with the de minimis facility.
Mohd Shahar said this has caused unfair treatment to local traders because imported goods are not taxed, while locally produced goods are subject to sales tax at a set rate.
The Service Tax (Amendment) Bill 2022 is in relation to the Service Tax Act 2018 (Act 807) which, among other things, aims to facilitate the industry and taxpayers by extending the period from that set under the act.
The amendment is also in the form of general administration aimed at providing convenience to the industry players and taxpayers.