PKR’s Kelana Jaya MP Wong Chen today warned that the the Inland Revenue Board (IRB) will become a “quasi” investment body just like the 1Malaysia Development Berhad (1MDB) following a proposed amendment to the Inland Revenue Board of Malaysia Act 1965.

The amendment, which has been tabled in Parliament and is likely to be debated and passed next week, seeks to create an investment panel in IRB which will enable the government to buy stocks, bonds, and even properties using tax monies, Wong ( right ) said.

“This initiative by the prime minister is highly unusual, weakens democracy and lacks transparency and accountability,” Wong said during a press conference at the Parliament lobby today.

Wong pointed out that the amendment would give the PM powers to appoint  six out of the seven members sitting on the investment panel, which would remove the powers of IRB in investment matters.

“Therefore, this is an attempt to divert the investment of taxpayers’ money by the finance minister under the cover of the IRB,” Wong said.

He said that this move would allow the finance minister, which is the PM, to pursue more off-budget spending which will not be accountable to the Parliament.

“We are also very concerned about accountability and transparency of the investment panel. No transparency and accountability provisions have been included in the bill,” he added.

He urged MPs from both sides of the political divide to reject this bill.