Malaysia legislation
Section 3
of LABUAN BUSINESS ACTIVITY TAX (AMENDMENT) (NO. 2) ACT 2024
Section 3
Section 2b of the principal Act is amended—
(a)
in subparagraph (1)(b)(i)—
(i)
in subsubparagraph (A), by deleting the word
“and” at the end of the subsubparagraph;
(ii)
in subsubparagraph (B), by substituting for the comma at the end of the subsubparagraph the words “; and”; and
(iii)
by inserting after subsubparagraph (B) the following subsubparagraph:
“(C) comply with any condition in relation to a fit and proper person for full time employees,”;
Labuan Business Activity Tax (Amendment) (No. 2)
(b)
in subparagraph (1)(b)(ii)—
(i)
in subsubparagraph (B), by deleting the word
“and” at the end of the subsubparagraph;
(ii)
in subsubparagraph (C), by substituting for the comma at the end of the subsubparagraph the words “; and”; and
(iii)
by inserting after subsubparagraph (C) the following subsubparagraph:
“(D) comply with any condition in relation to a fit and proper person for full time employees,”;
(c)
by substituting for subsection (1b) the following subsection:
“(1b) For the purposes of subsection (1a), the chargeable profits shall be the net profits as reflected in the audited accounts in respect of such Labuan business activity of the Labuan entity for the basis period for that year of assessment.”; and
(d)
in subsection (1c), by substituting for the words
“paragraph (1b)(a)” the words “subsection (1b)”.
Substitution of section 5