What new investment scopes are proposed in the IRB amendment bill?

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New Investment Scopes Proposed in the IRB Amendment Bill

The proposed amendment bill for the Inland Revenue Board (IRB) seeks to significantly expand its investment capabilities beyond historical limitations. These proposed changes would grant the finance minister broad powers to direct the investment of tax revenues.
Establishment of an Investment Panel

A key proposal within the amendment bill is the establishment of an investment panel. This panel would be empowered to invest an unlimited amount of funds. The scope of these investments would include stocks, corporate bonds, and Initial Public Offerings (IPOs).
Expansion Beyond Fixed Deposits

Historically, the IRB's investment pool was restricted to a maximum of RM250 million and limited to conservative options such as fixed deposits. The proposed changes represent a substantial departure from this precedent, allowing for engagement in more dynamic and potentially higher-risk financial instruments.
Authority to Establish Companies

Furthermore, the amendment bill proposes granting the IRB the authority to establish companies. These entities would be permitted to engage in any scheme or enterprise that the board plans. This provision suggests a broader mandate for the IRB, moving beyond traditional tax administration and collection into direct business ventures.

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What new investment scopes are proposed in the IRB amendment bill?

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