KEMENTERIAN KEWANGAN

MALAYSIA
BACKGROUND

• The Kementerian Kewangan Malaysia, or the Ministry of Finance Malaysia, is a government ministry
responsible for the country's financial management. The ministry's main objective is to ensure the government's
fiscal policy and economic goals are achieved in a sustainable manner. It was established in 1957 and is
currently located in Putrajaya, Malaysia.
• The Kementerian Kewangan Malaysia is responsible for managing the government's finances, including
collecting and managing taxes, developing economic policies, managing the country's debt and investments, and
overseeing the operations of public agencies that handle financial matters.
• The ministry plays a crucial role in the development of the Malaysian economy and has been instrumental in
promoting economic growth and stability in the country. Its policies and initiatives have contributed to
Malaysia's economic success over the years, and it continues to work towards maintaining the country's financial
stability and promoting sustainable economic growth.
• Some of the key departments and agencies under the Kementerian Kewangan Malaysia include the Inland
Revenue Board, the Royal Malaysian Customs Department, the Securities Commission Malaysia, and the
Employees Provident Fund. The ministry also works closely with other government ministries and agencies to
ensure the government's fiscal policies are aligned with the country's economic goals.
STRUCTURE

• The Kementerian Kewangan Malaysia, or the Ministry of Finance Malaysia, is organized into several departments
and agencies to carry out its functions and responsibilities effectively. The following are the main divisions of the
ministry:
• Treasury Department: This department manages the government's revenue, expenditure, and cash flow. It is
responsible for preparing the annual budget, managing government accounts, and implementing financial policies.
• Inland Revenue Board: This agency is responsible for collecting direct taxes, such as income tax, corporate tax, and
property tax.
• Royal Malaysian Customs Department: This agency is responsible for collecting indirect taxes, such as import
duties, sales tax, and service tax.
• Securities Commission Malaysia: This agency regulates and supervises the capital markets in Malaysia, including the
stock exchange and securities market.
• Employees Provident Fund: This agency manages a mandatory savings scheme for employees in Malaysia. It provides
retirement benefits, housing loans, and other financial assistance to members
• .Ministry of Finance-owned companies: The Ministry of Finance Malaysia also has equity ownership in several
government-linked companies, such as Khazanah Nasional Berhad, which manages the country's sovereign wealth
fund.
FUNCTIONS

• The Kementerian Kewangan Malaysia, or the Ministry of Finance Malaysia, has several functions and responsibilities, including:
• Formulating and implementing financial policies: The ministry is responsible for formulating and implementing financial policies to
achieve the government's economic objectives, such as maintaining financial stability, promoting economic growth, and reducing
poverty
• .Budget management: The ministry prepares and manages the national budget, including revenue projections, expenditure plans,
and budgetary allocations to various government agencies and programs.
• Taxation management: The ministry manages the taxation system in Malaysia, including collecting and enforcing taxes, developing
tax policies, and providing tax-related services to taxpayers.
• Public debt management: The ministry manages the government's borrowing and public debt, including issuing government
securities, managing external debt, and ensuring the sustainability of the national debt.
• Economic planning and development: The ministry plays a crucial role in Malaysia's economic planning and development, including
identifying economic opportunities and challenges, formulating economic policies, and coordinating economic programs and
initiatives.
• Financial sector regulation: The ministry regulates the financial sector in Malaysia, including overseeing financial institutions such as
banks, insurance companies, and securities firms, and promoting a stable and sustainable financial system.
• Government-linked companies management: The ministry manages several government-linked companies and sovereign wealth
funds, such as Khazanah Nasional Berhad, to support strategic investments and economic development.
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MALAYSIA (MALAYSIA MINISTRY OF FINANCE MOF)