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Royal Malaysian Customs Department (RMCD) role is to: Collect national revenue in the form of taxes and customs duties consisting of import duty, export duty, excise duty, sales tax, service tax, extraordinary profit levy, vehicle levy, departure levy, non-tax revenue, state revenue/trust money and tourism tax.
An institutional review board (IRB), also known as an independent ethics committee (IEC), ethical review board (ERB), or research ethics board (REB), is a committee at an institution that applies research ethics by reviewing the methods proposed for research involving human subjects, to ensure that the projects are ethical.
The Ministry of Finance (MoF) comprises the Royal Customs and Excise Department, Department of Valuation and Property Services, Department of the National Accountant of Malaysia, Inland Revenue Board, Securities Commission, and National Bank of Malaysia.
Malaysia: Inland Revenue Board of Malaysia (IRBM) (Malay: Lembaga Hasil Dalam Negeri Malaysia; LHDNM) — Mauritius: Mauritius Revenue Authority — Mexico: Tax Administration Service (Spanish: Servicio de Administración Tributaria; SAT) — Morocco: General Tax Directorate — Nigeria: Federal Inland Revenue Service — Netherlands
The Minister of Finance is the minister in charge of government revenue and expenditure. The Minister oversees economic policy: fiscal policy is within the Minister's direct responsibility, while monetary policy is implemented by the politically independent Central Bank of Malaysia, the head of which is appointed by the Yang di-Pertuan Agong.
This is known as the internal ratings-based (IRB) approach to capital requirements for credit risk. Only banks meeting certain minimum conditions, disclosure requirements and approval from their national supervisor are allowed to use this approach in estimating capital for various exposures.
On 24 July 2019, the government had filed a tax evasion lawsuit through the Inland Revenue Board (IRB), against Nazifuddin to claim RM37.6 million in unpaid taxes since 2011 till 2017. [1] On 18 May 2021, he has been served with a bankruptcy notice following his failure to pay RM37.6 million in taxes he owes the Inland Revenue Board (IRB).
The accountancy profession in Malaysia is regulated by the Malaysian Institute of Accountants (MIA) through the powers conferred by the Accountants Act, 1967. [1] The MIA is an agency under the Ministry of Finance and reports directly to the Accountant General Office.