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KUALA LUMPUR: The Ministry of Finance today presented seven bills for the first reading in the Dewan Rakyat.
Invoices are Windfall Collection Act (Amendment) 2020, Service Tax Act (Amendment) 2020, Sales Tax Act (Amendment) 2020, Free Zone Act (Amendment) 2020, Excise Duty Act (Amendment) ) 2020, Customs (Amendment) Act 2020, and Tourism Tax (Amendment) Bill 2020
All the bills were introduced by Deputy Finance Minister II Mohd Shahar Abdullah.
The purpose of the Draft Law on Extraordinary Benefits Collection (Amendment), among others, is to empower the minister to remit all or part of the collection of extraordinary benefits to be paid and the CEO to remit all or part of the fine payable. by virtue of the act.
The Service Tax (Amendment) Bill is intended to empower the CEO to direct any registrant to deduct the refund amount from the amount of service tax payable from the statement under Section 26, while the bill sales tax law (amendment) is intended to allow the CEO to retain all or part of the amount refunded to be credited to any subsequent tax period.
The Free Zones (Amendment) Bill aims to insert the new sections 17A and 17B into existing law to give more power to senior customs officials in relation to compliance, investigation and inspection, while the project Excise (Amendment) Act aims to amend subsection 19 (1) to provide the minimum amount of claims for tax returns that can be made on goods for which excise taxes have been paid when the goods are exported.
The Customs (Amendment) Bill aims to amend subsection 93 (1) to provide that when merchandise is re-exported, the director general may authorize nine-tenths of the duties paid to be reimbursed as tax returns, while the The Tourism Tax (Amendment) Bill is intended to provide a new definition of “digital platform service provider” and “services related to booking accommodation online”.
