Kota Kinabalu: The State Government will set up the Sabah State Professional Accounting Bodies Education Trust Fund, following the passing of a Bill to amend the Government Trusts Funds Enactment 1964 at the State Legislative Assembly.
Sabah Speaker Datuk Seri Kadzim M. Yahya (pic) announced the passing of the Bill upon receiving majority voice of assembly members’ votes and it will be cited as the Government Trust Funds (Amendment) Enactment 2022 that will come into operation on Jan 1, 2023.
Chief Minister Datuk Seri Hajiji Haji Noor, who tabled the Bill, said the amendment aims to establish a Trust Fund named as the Sabah State Professional Accounting Bodies Education Trust Fund, in compliance with the requirement of Section 10 of the Financial Procedure Act 1957, to allocate provision for sponsoring education of the Sabah State Professional Accounting Bodies.
In order to set up this Trust Fund, he said the Government Trust Fund Enactment 1964 need to be amended by inserting the words ‘Sabah State Professional Accounting Bodies Education Trust Fund’. The purpose of establishing the Sabah State Professional Accounting Bodies Education Trust Fund is to cover financing of the Sabah State Professional Accounting Bodies for qualified W Service Scheme.
“Starting January 1, 2022 through the Sabah State Service Circular No. 13/2021, the State Government requires management officers and professionals of the W Service Scheme to have a second professional membership to enable promotion to grade WA48 and above without vacancy.
“The need to have a second professional membership is in line with the State Government’s accounting direction towards the implementation of accrual accounting. In addition, it will strengthen and empower W service officers,” he said.
In accordance with such requirement, Hajiji said the State government will establish a Trust Fund to finance the Education of the Accounting Professional Body in the amount of RM3,775,000.00 (subject to current costs) and this will be contributed into the Trust Fund for a period of five years, which is an amount of RM775 ,000.00 annually.
“The establishment of the Trust Fund is important to finance qualified accountants to have a second professional membership.
“It will not only ensure the sponsorship will run smoothly and for a long time, but will also support the career development of accountants in providing better services to the State Government,” Hajiji said.
