The Inland Revenue Board of Malaysia (IRB) recently announced a major audit exercise on Malaysian banks with offshore transactions, including those with Labuan financial institutions, with a focus on issues relating to transfer pricing.
Labuan International Business and Financial Centre (Labuan IBFC) is a reputable and well-regulated international financial centre. Labuan FSA expects its market players licensed under the Labuan Financial Services and Securities Act 2010 to comply with all requirements and regulations governing the financial centre, including those which are prescribed and enforced by the IRB as the competent authority on tax-related matters in Labuan IBFC. In this regard, Labuan FSA will continue to provide its assistance to the IRB, including sharing relevant information on Labuan financial institutions with the tax authority under the exchange of information framework.
Labuan Financial Services Authority (Labuan
28 November 2017
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