Finance Ministry: Taxes collected by IRB not for investment


  • Nation
  • Tuesday, 17 Jun 2014

KUALA LUMPUR: The Finance Ministry has denied claims that taxes collected by the Inland Revenue Board (IRB) will be used for investments under a proposed law amendment.

It said the Inland Revenue Board of Malaysia (Amendment) Bill 2014 will not change the main function of the IRB as tax collecting agency.

"All direct taxes collected will be channelled to the Federal Consolidated Fund.

"The IRB will be paid a fee for providing services as a direct tax collection agent. This fee is used to pay for IRB's operating and development costs," it said in a statement on Tuesday.

The ministry said since IRB was responsible for handling its own operation and development costs, it was allowed to make investments using the savings from such expenditure.

"Hence, all statements claiming that the taxes collected by IRB will be used for investments is not true and baseless," the ministry said.

The Bill that seeks to set up an investment panel under the IRB has been postponed for debate in the next Dewan Rakyat meeting in October.

Deputy Finance Minister Datuk Ahmad Maslan postponed the second and third reading of the Bill under Standing Order 62.

Related article:
IRB aims to be independent 


Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Nation

Zahid withdrew RM17.9mil from Yayasan Akalbudi's bank account, witness tells court
Police raid four Bitcoin mining premises, nab six
Awang Rasau, the tiger shot by poachers, dies
Twin pride of Malaysia
Glorious outing in 1998 Commonwealth Games
Nay to smokers
MCO brings new chapter in Malaysian lives
Flying high for Malaysia
The day the towers fell
Man in the soup for lodging false police report over lost MyKad

Stories You'll Enjoy


Vouchers