KUALA LUMPUR (April 3): The Ministry of Finance (MOF) had today tabled five Bill amendments for first reading in Parliament.
Finance Minister Lim Guan Eng made the first reading for the Customs (Amendment) 2019, Excise (Amendment) 2019, Free Zones (Amendment) 2019, Sales Tax (Amendment) 2019 and Service Tax (Amendment) 2019 Bills.
Lim said these amendments' second reading are slated to be concluded in this Parliament sitting, which ends on April 11.
According to the Customs (Amendment) 2019 Bill, the main purpose for amendment is to improve customs procedures relating to among others, the payment of customs duty, surcharge, penalty and fee.
"The amendment also provides for the licensing of a petroleum supply base, for matters relating to origin of goods, preferential and non-preferential tariff treatment, for the exclusion of Pangkor from the principal Customs area, and for special provisions dealing with Pangkor as a duty-free island.
"The amendment also seeks to strengthen the enforcement powers of the officers of Customs and to increase the amount of penalty for offences under Act 235 (Customs Act 1967)," the Bill read.
For the Excise (Amendment) 2019 Bill, the main purpose of the amendment is to improve excise procedures relating to the payment of excise duty, obligation to keep records and warehousing of imported goods.
"The amendment also seeks to strengthen the enforcement powers of the officers of excise and to increase the amount of penalty for offences under the Excise Act 1976," the Bill read.
Meanwhile, the Free Zones (Amendment) 2019 Bill seeks to amend 18 clauses which include provision of more deterrent penalties to prevent the misuse and manipulation of facilities and Customs procedures in the free zone.
The Bill also seeks to amend Section 10A of the Free Zone Act 1990 to require every person to preserve for a period of seven years all documents and records relating to the activity of importation, exportation or manufacturing of goods in the free zone.
The Sales Tax (Amendment) 2019 Bill seeks to make 10 amendments, which include providing clarity to the meaning of the term manufacture involving petroleum products and to empower the director general to approve sales tax deduction applications.
The Service Tax (Amendment) 2019 Bill seeks to amend 52 clauses, which include imposition service tax on digital services provided by foreigners to consumers in the country.