Section 3A
Labuan business activity chargeable to Income Tax Act 1967 upon election
of Labuan Business Activity Tax Act 1990
Notwithstanding any other provision of this Act, a Labuan entity carrying on a Labuan business activity may make an irrevocable election in the form as determined by the Director General that any profit of the Labuan entity for any basis period for a year of assessment and subsequent basis period to be charged to tax in accordance with the Income Tax Act 1967 in respect of that Labuan business activity.
(2)
The election referred to in subsection (1) shall be made and furnished to the Director General within three months or any extended period as may be allowed by the Director General after the beginning of the basis period for a year of assessment:
Provided that for the basis period ending on a day in the year of assessment 2008, the election under this section may be made and furnished before 1 August 2008.
Labuan Business Activity Tax 13