Tax Benefits

One of the significant changes embedded in the amended Labuan Business Activity Tax Act 1990 (LBATA) which came into effect on February 11th 2010 is the introduction of advance tax ruling. Under the provision, any person can apply to the Director General of the Inland Revenue Board for an advance ruling on the tax treatment of an arrangement or transaction if that activity involves a Labuan entity. This means that you know exactly.. Read More

Can Malaysian residents obtain loans from Labuan banks?

Can Malaysian residents obtain loans from Labuan banks? Yes, they can subject to the guidelines issued by Bank Negara Malaysia (BNM), as follows: For an aggregate loan amount not exceeding MYR1 million, no approval by, or notification of, BNM is necessary For an aggregate amount exceeding MYR1 million but not exceeding MYR5 million, the applicant is required to inform BNM within 2 weeks from Letter of Offer For an aggregate loan amount exceeding.. Read More