Section 12
Payment of difference and refund
of Labuan Business Activity Tax Act 1990
Where there is a difference between the amount paid under section 11 and the amount assessed by the Director General under section 6, the Labuan entity shall pay the difference or the Director
General shall refund the excess, as the case may be.
(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.