Section 10
“Filing of return of profits of Labuan entity not charged to tax
of Labuan Business Activity Tax (Amendment) (No. 2) Act 2024
A Labuan entity carrying on a Labuan business activity which is a Labuan non-trading activity to which subsection 9(1)
applies shall for each year of assessment furnish to the
Director General a return of profits in the prescribed form within a period of seven months from the date following the close of the accounting period which constitutes the basis period for the year of assessment.
(2)
The prescribed form referred to in subsection (1)
shall be furnished to the Director General on an electronic medium or by way of electronic transmission in accordance with section 21c.
(3)
For the purposes of this section, a return of profits for a year of assessment shall—
(a)
specify the net profits as reflected in the audited accounts in respect of such Labuan non-trading activity for the basis period for that year of assessment; and
(b)
contain such particulars as may be required by the
Director General.”.
Substitution of section 11