The Dewan Rakyat has passed the Petroleum Income Tax (Amendment) Bill 2011 after it was read three times on Wednesday, June 29.
Azmin Ali (PKR-Gombak) raised an objection under Article 46(4) of the standing orders that if 15 or more members object to a decision, a voice vote must follow.
The bill was passed when Deputy Speaker Datuk Ronald Kiandee announced that 45 of 75 voters were for and 29 against.
Earlier, when wrapping up the debate on the bill, Deputy Finance Minister Datuk Dr Awang Adek Hussin said the incentives related to the Petroleum Income Tax Act 1967 included reducing the income tax rate from 38 per cent to 25 per cent for marginal oilfields.
Besides that, capital allowance would be speeded up from 10 to five years for marginal oilfields, and investment allowance given to projects requiring high capital expenditure and technical skills, he said.
"This incentive is to encourage investment for increased national petroleum production and help reduce the management cost of the upstream petroleum industry to attract more exploration activities as well as oilfield development," he said.
The Securities Commission (Amendment) Bill 2011 tabled by Deputy Finance Minister Datuk Donald Lim Siang Chai was also passed by the Dewan Rakyat.
The amendment includes expansion of the commission's surveillance functions and a working outline to recognise foreign auditors and audit firms. - Bernama
