LABUAN, Oct 7 — Labuan has transformed and diversified into a regional business and financial centre with substance from an international offshore financial centre in the 1990s, Labuan Financial Services Authority director-general Nik Mohamed Din Nik Musa said.
Nik Mohamed Din said several significant milestones and achievements have been achieved over the past 25 years with the key ones were conformity to international standards of which, Labuan FSA has taken a bold step to reposition Labuan IBFC. He said the second one on the new tax changes in 2019, including the abolishment of RM20,000 tax election by Labuan entities, the taxing of trading activities at the preferential rate of three per cent of the net audited profits and the requirement of Labuan entities to have substantial activities in the island in order to avail to the Labuan tax incentives, was to ensure the long-term sustainability of Labuan IBFC.
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