Section 2

In this Act, unless the context otherwise requires—

“assessment” means any assessment or additional assessment made under this Act;

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“basis period”, in relation to a year of assessment, means the accounting period or periods ending in the calendar year coinciding with that year of assessment;

“Director General” means the Director General of Inland Revenue referred to in section 134 of the Income Tax Act 1967 [Act 53];

“electronic invoice” has the meaning assigned to it in the

Income Tax Act 1967;

“Labuan” means the Federal Territory of Labuan;

“Labuan business activity” means a Labuan trading or a Labuan non-trading activity carried on in, from or through Labuan, excluding any activity which is an offence under any written law;

“Labuan company” means a Labuan company incorporated under the Labuan Companies Act 1990, and includes a foreign Labuan company registered under that Act;

“Labuan non-trading activity” means an activity relating to the holding of investments in securities, stock, shares, loans, deposits or any other properties situated in Labuan by a Labuan entity on its own behalf;

“Labuan trading activity” includes banking, insurance, trading, management, licensing, or any other activity which is not a Labuan non-trading activity;

“Minister” means the Minister for the time being charged with the responsibility for finance;

“official” means a person having an official duty under, or employed in carrying out, the provisions of the Income Tax Act 1967;

“person” includes a corporation, a partnership, a body of persons and a corporation sole;

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“Special Commissioners” means the Special Commissioners of

Income Tax appointed under section 98 of the Income Tax Act 1967;

“year of assessment” means calendar year.

Where a Labuan entity carries on both a Labuan trading activity and a Labuan non-trading activity, such entity shall be deemed to be carrying on a Labuan trading activity.

For the avoidance of doubt, it is declared that the provisions of the Income Tax Act 1967 shall apply in respect of—