Deputy Finance Minister Datuk Ahmad Maslan announced in Parliament the decision to retract the controversial Inland Revenue Board (IRB) amendment bill, invoking powers under Standing Order 62 which allows the member in charge of the bill to either withdraw or postpone the next stage of the bill.
It is understood that the bill has been withdrawn from this current parliamentary meeting, but it is unclear whether it will be re-tabled when Parliament is expected to reconvene in October.
No reason, however, was given for the move.
The bill, submitted last week, proposes to establish an investment panel under the IRB and made up of seven appointees, which will include the central bank governor, a finance ministry representative and a chief executive.
The bill, if passed, will afford the finance minister the power to appoint the chairman and at least three other members.
A report by newswire Reuters claimed that the scope of investment by the panel, as outlined by the bill, includes stocks, corporate bonds and IPOs, apart from establishing companies to engage in “any scheme or enterprise” planned by the board.
Opposition lawmakers have been critical of the bill, which is expected to be tabled tomorrow, claiming that taxpayers’ money will be used for potentially risky investments.
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