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Finance (No.2) Bill 2023

Updated: Nov 9, 2023


We are pleased to inform you that on 7 November 2023, the Government officially released the Finance (No.2) Bill 2023 for its initial presentation in the HOUSE OF REPRESENTATIVES.


This bill primarily aims to put into effect the tax-related aspects of the Budget 2024 proposals, which were originally unveiled on 13 October 2023.


The bill encompasses a wide range of areas, including amendments to:

  1. the Income Tax Act 1967

  2. the Real Property Gains Tax Act 1976

  3. the Petroleum (Income Tax) Act 1967

  4. the Labuan Business Activity Tax Act 1990

  5. the Entertainments Duty Act 1953

  6. the Customs Act 1967

  7. the Excise Act 1976

  8. the Goods Vehicle Levy Act 1983

  9. Windfall Profit Levy Act 1998

  10. the Tourism Tax Act 2017

  11. the Sales Tax Act 2018

  12. the Service Tax Act 2018

  13. the Departure Levy Act 2019

It's important to note that the first reading in the House of Representatives represents the formal introduction of the bill to parliament.


Subsequently, the bill undergoes thorough deliberation during the second reading.


It then proceeds to a committee stage for further examination before returning to the House of Representatives for a third and final reading, along with a vote.


Bills that pass through the House of Representatives are then presented to the Senate.


It's worth mentioning that the Senate can approve or reject the bill, with the power to delay but not prevent its passage.


The legislative process culminates when the King grants the bill Royal Assent, and laws become effective upon publication in the Government Gazette.


We encourage you to access the full content of the bill to gain a comprehensive understanding.


You can download the Finance (No 2) Bill 2023 by clicking on the following attachment:-


249.1 Finance (No 2) Bill 2023
.pdf
Download PDF • 2.28MB

我们在此通知大家,政府已于11月7日正式发布了《2023年财政(第2号)法案》,并首次在国会下议院提呈。


该法案的主要目的是落实于10月13日公布的《2024年财政预算案》建议中与税收相关的内容。


该法案涉及广泛的领域,包括修订

1) 1967 年所得税法令

2) 1976 年不动产收益税令

3) 1967 年石油(所得税)法令

4) 1990 年纳闽商业活动税法令

5) 1953 年娱乐税法令

6) 1967 年海关法令

7) 1976 年消费税法令

8) 1983 年货运车辆税法令

9) 1998 年暴利税法令

10) 2017 年旅游税法令

11) 2018 年销售税法令

12) 2018 年服务税法令

13) 2019 年离境税法令


Footnotes:

This Finance Bill, breaking all previous records, spans 231 pages.


This signifies that there are truly numerous statutes to be amended.


The transformation from a Finance Bill to a Finance Act involves a legislative process.


First and foremost, it must pass the lower house of parliament, i.e. Dewan Rakyat. The first reading principally consists of the act of submission, i.e. the introduction of the bill to parliament.


Subsequently, it proceeds to the second reading. During the second reading, members of parliament engage in lengthy debates (hopefully).


Following this, it enters the committee stage, after which it returns to the Dewan Rakyat for the third reading, final reading, and voting.


Bills approved by the Dewan Rakyat are then referred to the upper house, i.e. Dewan Negara.

The Dewan Negara may choose not to pass the bill. However, the Dewan Negara's rejection can only delay and not prevent the bill's passage.


Ultimately, the legislative process is considered complete after the highest authority signs the bill into law (Royal Assent).


The question is, will our members of parliament genuinely download and read this Finance Bill? Furthermore, will they actively participate in the debates? 这一次的 Finance Bill,破了历来记录,总共 231页。


意思就是说,要修改的法令真的非常多。


Finance Bill,变成 Finance Act (法令) 是有立法程序的。


首先需要先通过国会下议院一读。之后二读,在二读时,此时国会议员将对法案进行长时间的辩论 (希望有)。然后进入委员会阶段,之后返回下议院进行三读、终读和表决。


下议院通过的法案,将提交上议院。


上议院可选择不通过法案。然而,上议院的不通过,只能推迟而不能阻止法案的通过。


最后,最高元首签署法案成为法律(皇家御准)后,立法程序即告完成。


问题是,我们的国会议员真的会 download 这份Finance Bill来读吗?还有会不会真心参与辩论吗?







721 views1 comment

1 Comment


Tong Tong
Tong Tong
Nov 09, 2023

看标题真的觉得头疼了 但是还好有老师在。。

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