Malaysia legislation

Section 12

of *LABUAN BUSINESS ACTIVITY TAX ACT 1990

Section 12

(2)

Any amount of excess in respect of tax payable for a year of assessment which is to be refunded to the Labuan entity under subsection (1) may be utilized by the Director General for the payment of—

(a)

any other amount of tax which is due and payable

(including any amount of instalments which are due and payable) by the Labuan entity under this Act, the Income

Tax Act 1967, the Petroleum (Income Tax) Act 1967

[Act 543] or the Real Property Gains Tax Act 1976

[Act 169]; or

(b)

any other amount of duty which is due and payable by the

Labuan entity under the Stamp Act 1949 [Act 378].

(3)

Where amount of excess in respect of a Labuan entity is ascertained in accordance with subsection 80C(1)

of the

Stamp Act 1949, subsection 111(4A) of the Income Tax Act 1967,

Labuan Business Activity Tax 23

subsection 50(4) of the Petroleum (Income Tax) Act 1967 or subsection 24(7A) of the Real Property Gains Tax Act 1976, the excess shall be applied for the payment of tax which is due and payable

(including any amount of instalments which are due and payable) by the Labuan entity under this Act.

Fund for Tax Refund

Read in full context — *LABUAN BUSINESS ACTIVITY TAX ACT 1990 →