Commencement of amendments to the Labuan Offshore Business Activity Tax Act 1990
s 37
Sections 38, 39 and 40 shall have effect for the year of assessment 2004 and subsequent years of assessment.
Finance (No. 2) Act 2002 Chapter V — Amendments to the labuan offshore business activity tax act 1990
Amendment of section 2
s 38
The Labuan Offshore Business Activity Tax Act 1990, which is referred to as the “principal Act” in this Chapter, is amended in section 2— (a) in subsection (1)— (i) by inserting after the definition of “Labuan” the following definition: ‘ “licensed Malaysian offshore bank” has the meaning assigned to it by the Offshore Banking Act 1990 [Act 443], which is an office of a Malaysian bank;’; (ii) in the definition of “offshore company”, by inserting after the words “that Act” the words “ , a licensed Malaysian offshore bank, an offshore limited partnership”; and (iii) by inserting after the definition of “offshore insurance business” the following definition: ‘ “offshore limited partnership” has the meaning assigned to it in the Labuan Offshore Limited Partnerships Act 1997 [Act 565];’; and (b) in subsection (3)— (i) in paragraph (a), by inserting after the semi-colon the word “or”; and (ii) by deleting paragraph (b).
Amendment of section 16
s 39
The principal Act is amended in section 16— (a) in paragraph (e), by deleting the word “and”; (b) in paragraph (f), by substituting for the full stop at the end of the paragraph the words “; and”; and (c) by inserting after paragraph (f) the following paragraph: “(g) in the case of a partnership, the partner or partners.”.
New section 26
s 40
The principal Act is amended by inserting after section 25 the following section: “Exemption by Minister 26. (1) The Minister may, by order published in the Gazette, exempt any offshore company from all or any of the provisions of this Act either generally or in respect of any chargeable profits of that company. (2) Any order made under subsection (1) shall be laid before the Dewan Rakyat.”. LAWS OF MALAYSIA
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Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
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