KUALA LUMPUR, 12 June: The Member of Parliament for Kelana Jaya, Wong CHen, reminded that the Inland Revenue Board (IRB) may become an investment institute, like 1Malaysia Development Berhad (1MDB), following the proposal to amend the IRB Act 1995.
Chen said that the Finance Minister intends to establish an investment panel for the board to use taxpayers’ money to buy bonds, mortgage papers and others, as he sees fit.
“If this bill is passed, it will essentially turn IRB into a quasi investment body like the sketchy 1MDB, which is under Najib’s control.
“The initiative by Najib to create a separate investment panel in the IRB to use taxpayer’s money as he sees fit is highly unusual,” he said, quoted from Malaysia Kini.
Among the reasons he rejects the proposed amendment is that all tax and income must be taken into account and be put into the Consolidated Fund of the Government, thus the formation of an investment panel in IRB violates this practice.
“The amendments will also provide powers to Najib in appointing six of the seven members sitting on the investment panel, which would in turn remove the powers of the IRB in investment matters.
“Therefore, this is an attempt to take over the investment power of taxpayers’ money by the Finance Minister by using the good name of the IRB. This action will weaken democracy because it will hide taxpayers’ money from the scrutiny of the Parliament,” he said.
