The proposal to amend the income tax assessment system for Labuan Entities taxed under Labuan Business Activity Tax Act 1990 from preceding year basis to current year basis is scheduled to take effect from the assessment year 2025.
The following are the pertinent points on the changes in Labuan taxation:-
We trust that the above points provide you with a better insight on the implementation of current year assessment for Labuan entities taxed under Labuan Business Activity Tax Act 1990.
Please note our commentaries above should NOT be treated as official legal and/or tax opinion, but merely our unofficial understandings.