Section 32

by renumbering the existing section as subsection (1);

and

by inserting after the renumbered subsection (1) the following subsections:

“(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—

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

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

Stamp Act 1949 [Act 378].

24

Act 874

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, 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.”.