THE bill to amend the Windfall Profit Levy Act 1998 was passed unanimously in the Dewan Rakyat today.

Winding up the debate on the bill, Deputy Finance Minister I Mohd Shahar Abdullah said the government did not make the decision to impose the windfall profit levy in haste as it was always looking at the broad ecosystem of the commodity industry and companies in the country.

“The ministry will also consider various other proposals such as inheritance tax, capital gains tax and tax on other commodities, and will not make any decision without holding engagement sessions,” he said.

The bill was mooted to develop existing provisions and introduce new provisions aimed at improving the administration of the windfall profit levy.

In tabling the bill, Shahar said it has four clauses, which, among others, are to empower the minister to remit the whole or any part of the levy payable.

The amendment is also made to empower the customs director-general to remit the whole or any part of the penalty payable under Act 592.

In terms of financial implications, the bill does not involve any additional government spending.

Eleven MPs made suggestions and debated the bill. – Bernama, October 12, 2021.