PETALING JAYA: The Dewan Rakyat has passed the Money Services Business (Amendment) Bill 2024 after the third reading by deputy finance minister Lim Hui Ying.
Bernama reported Lim as saying that the bill aims to strengthen the existing legal framework and ensure more effective enforcement to curb unlicensed money services and non-compliance with regulations by licence holders.
She said although the Money Services Business Act 2011 (Act 731) had a positive impact on licence holders, the industry continued to be plagued by unlicensed business operations.
“The amendments to this bill encompass four main considerations, including the need to strengthen efforts to curb unlicensed businesses due to their significant negative impact on the country’s economy,” Lim said.
The proposed amendments also aim to empower the courts to make forfeiture orders for assets seized under Act 731.
Meanwhile, the Dewan Rakyat also passed the Income Tax (Amendment) Bill 2024 and the Labuan Business Activity Tax (Amendment) Bill 2024, after their third reading by Lim.
The Income Tax (Amendment) Bill will amend Sections 1 to 9 of the Income Tax Act 1967 (Act 53) for the improvement of tax policy and administration.
Among others, the amendment to Section 2 aims to replace the definition of “capital asset” in subsection 2(1) of Act 53, while the amendment to Section 3 aims to clarify the disposal of shares in a controlled company.
The amendments to Sections 2, 3, 4, 8, and 9 will come into effect upon the enactment of the Act. Sections 5 and 6 are deemed to have come into effect on Jan 1, 2024, while Section 7 will come into effect for assessment year 2024 and subsequent assessment years.
The Labuan Business Activity Tax (Amendment) Bill 2024 is to amend two clauses of the Labuan Business Activity Tax Act 1990 (Act 445). These amendments are deemed to have come into effect on Jan 1, 2024. - FMT
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