Labuan Business Activity Tax Act 1990 s 2

Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.

s 2

(1) In this Act, unless the context otherwise requires— Interretation. "basis period", in relation to a year of assessment, means the accounting period or periods ending in the calendar year immediately preceding that year of assessment; "Director-General" means the Director-General of Inland Revenue referred to in section 134 of the Income Tax Act Act53. "domestic company" has the meaning Acl 441. as in the Offshore Companies Act 1990; 7 Det 544 "Minister" means the Minister for the time being charged with the responsibility for finance; [Pt. I, S. 2] Act 443. ALt544 5 ACT 591 =544 44 → Ict 44l. ct 444. "official" means a person having an official duty under, or employed in carrying out, the provisions of the Income Tax Act 1967; "offshore banking business" has the meaning assigned thereto by the Offshore Banking Act 1990; "offshore business activity" means an offshore trading or an offshore non-trading activity carried on in or from Labuan in a currency other than the Malaysian currency by an offshore company with non-residents or with another offshore company, but does not include shipping and petroleum operations: Provided that- (i) in relation to an offshore company carrying on an offshore banking or offshore insurance business, such activity may be carried on with residents; (ii) in relation to an offshore banking business, transactions may, where permitted under subsection (2) of section 20 of the Offshore Banking Act 1990, be carried on in Malaysian currency; and (iii) in relation to an offshore insurance business, the reinsurance of domestic insurance business may (iv) be transacted in Malaysian currency; and "offshore company" means an offshore company incorporated under the Offshore Companies Act 1990, and includes a foreign offshore company registered under that Act and an offshore trust; "offshore insurance business" has the meaning assigned thereto by the Offshore Insurance Act 1990; "offshore non-trading activity" means an activity relating to the holding of investments in securities, stock, shares, loans, deposits and immovable properties by an offshore company on its own behalf; "offshore trading activity" includes banking, insurance, trading, management, licensing or any other activity which is not an offshore non-trading activity; IPt. I, S. 2] "offshore trust" means a trust created in Labuan where the settlor and the beneficiaries are non-residents; "person" includes a company, a partnership, a body of persons and a corporation sole; "resident" means— (a) in relation to a natural person, a citizen or a permanent resident of Malaysia; or (b) in relation to any other person, a person who has established a place of business, and is operating, in Malaysia, "Shipping operations" and includes a person who is declared to be a resident pursuant to subsection (2) of section 43 of the Exchange Act 17. Control Act 1953; "year of assessment" means calendar year. (2) Where an offshore company carries on both an offshore trading activity and an offshore non-trading activity, it shall be deemed to be carrying on an offshore trading activity. (3) For the avoidance of doubt, it is declared that the provisions of the Income Tax Act 1967 shall apply in respect oI- .(a) an activity other than an offshore business activity carried on by an offshore company; (b) an offshore banking business carried on by a licensed Malaysian offshore bank as defined under the Offshore Banking Act 1990, which is an office of a Malaysian bank; or (c) an offshore insurance business carried on by a Malaysian offshore insurer as defined under the Offshore Insurance Act 1990, which is a branch of a Malaysian insurer. • [Pt. II, S.3-7] Offshore business activity chargeable to tax. Offshore trading activity. Filing of statufory declaratior and retum of profits. Assessment. Election.

Malay text (authoritative)

Tafsiran

(1) Dalam Akta ini, melainkan jika konteksnya menghendaki makna yang lain— “aktiviti bukan perdagangan Labuan” ertinya suatu aktiviti berhubungan dengan pemegangan pelaburan dalam sekuriti, saham, syer, pinjaman, deposit atau apa-apa harta lain yang terletak di Labuan oleh suatu entiti Labuan bagi pihaknya sendiri; “aktiviti perdagangan Labuan” termasuklah perbankan, insurans, perdagangan, pengurusan, pelesenan, operasi perkapalan atau apa-apa aktiviti lain yang bukan suatu aktiviti bukan perdagangan Labuan; “aktiviti perniagaan Labuan” ertinya suatu aktiviti perdagangan Labuan atau aktiviti bukan perdagangan Labuan yang dijalankan di, dari atau melalui Labuan, tidak termasuk apa-apa aktiviti yang merupakan suatu kesalahan di bawah mana-mana undang-undang bertulis; “Ketua Pengarah” ertinya Ketua Pengarah Hasil Dalam Negeri yang disebut dalam seksyen 134 Akta Cukai Pendapatan 1967 [Akta 53]; “Labuan” ertinya Wilayah Persekutuan Labuan; “Menteri” ertinya Menteri yang sedang dipertanggungkan dengan tanggungjawab bagi kewangan; “operasi perkapalan” ertinya pengangkutan penumpang atau kargo melalui laut atau penyewaan berdasarkan carter kapal atas asas carter perjalanan atau masa; “orang” termasuklah suatu perbadanan, perkongsian, kumpulan orang dan perbadanan tunggal; “pegawai rasmi” ertinya seseorang yang mempunyai tugas rasmi di bawah, atau diambil kerja untuk melaksanakan, peruntukan Akta Cukai Pendapatan 1967; “Pesuruhjaya Khas” ertinya Pesuruhjaya Khas Cukai Pendapatan yang dilantik di bawah seksyen 98 Akta Cukai Pendapatan 1967; “syarikat domestik” mempunyai erti sebagaimana dalam Akta Syarikat Labuan 1990 [Act 441]; “syarikat Labuan” ertinya suatu syarikat Labuan yang diperbadankan di bawah Akta Syarikat Labuan 1990, dan termasuk suatu syarikat Labuan asing yang berdaftar di bawah Akta itu; “tahun taksiran” ertinya tahun kalendar; “tempoh asas”, berhubungan dengan suatu tahun taksiran, ertinya tempoh atau tempoh-tempoh perakaunan yang berakhir dalam tahun kalendar sebaik sebelum tahun taksiran itu. (2) Jika suatu entiti Labuan menjalankan kedua-dua aktiviti perdagangan Labuan dan aktiviti bukan perdagangan Labuan, entiti itu hendaklah disifatkan sebagai menjalankan suatu aktiviti perdagangan Labuan. (3) Bagi mengelakkan keraguan, diisytiharkan bahawa peruntukan Akta Cukai Pendapatan 1967 terpakai berkenaan dengan— (a) suatu aktiviti selain aktiviti perniagaan Labuan yang dijalankan oleh suatu entiti Labuan; dan (b) (Dipotong oleh Akta 624); (c) (Dipotong oleh Akta A1366); (d) suatu aktiviti perniagaan Labuan yang dijalankan oleh suatu entiti Labuan yang membuat suatu pemilihan di bawah seksyen 3A.

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Find Act 445 on lom.agc.gov.my ↗

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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