Labuan International Business and Financial Center
Labuan International Business and Financial Center (IBFC) is an uncommon monetary zone of the Malaysian government dependent on the island of Labuan off the Borneo coast. It was set up in 1990 and has been promoted as having an exceptional situation to tap speculation openings in Asia and past.
The Labuan IBFC shares a typical time zone with numerous huge Asian urban communities and its area among China and India just as its nearness to a few other money related focuses has been utilized to advance the Labuan IBFC as a helpful area for business dealings. Labuan has been assigned as a money related focus and unhindered commerce zone by the Malaysian government.
In January 2008, a rebranding and repositioning activity of the IBFC to mirror the purview’s blossoming universal status was trailed by a forceful promoting exercise. This incorporated the setting up of Labuan IBFC Incorporated Sdn. Bhd. in May of that year with a command by the Malaysian government to advertise and advance Labuan as the chief International Business and Financial Center in Asia Pacific.
Special Economic zone
An Special Economic zone (SEZ) is a zone wherein the business and exchange laws are unique in relation to the remainder of the nation. SEZs are situated inside a nation’s national outskirts, and their points incorporate expanded exchange balance, work, expanded venture, work creation and successful organization. To urge organizations to set up in the zone, money related arrangements are presented. These arrangements regularly include contributing, tax assessment, exchanging, shares, traditions and work guidelines. Furthermore, organizations might be offered assessment occasions, where after building up themselves in a zone, they are conceded a time of lower tax assessment.
The production of uncommon monetary zones by the host nation might be inspired by the longing to pull in outside direct venture (FDI). The advantages an organization gains by being in an extraordinary financial zone may imply that it can deliver and exchange merchandise at a lower cost, planned for being all inclusive aggressive. In certain nations, the zones have been scrutinized for being minimal more than work camps, with laborers denied key work rights.
Labuan/ləˈbuːən/(Jawi: لابوان), formally the Federal Territory of Labuan (Malay: Wilayah Persekutuan Labuan, Jawi: ولايه ڤرسكوتوان لابوان), is a government region of Malaysia. It is comprised of the eponymous Labuan Island and six littler islands, and is situated off the shore of the province of Sabah in East Malaysia. Labuan’s capital is Victoria and is best known as a seaward money related focus offering worldwide monetary and business administrations by means of Labuan IBFC since 1990 just as being a seaward help center point for deepwater oil and gas exercises in the area. It is additionally a visitor goal for individuals going through Sabah, close by Bruneians and scuba jumpers. The name Labuan gets from the Malay word labuhan which means harbor. Labuan is regularly alluded to as the pearl of Borneo.
Labuan‘s territory includes the fundamental island (Labuan Island – 91.64 square kilometers or 35.38 square miles) and six other littler islands, Burung, Daat, Kuraman, Big Rusukan, Small Rusukan and Papan island with a complete region of 91.64 square kilometers (35.38 square miles). The islands lie 8 kilometers (5.0 miles) off the shore of Borneo, neighboring the Malaysian province of Sabah and toward the north of Brunei Darussalam, on the northern edge of Brunei Bay confronting the South China Sea. Labuan Island is chiefly level and undulating; its most elevated point is Bukit Kubong at 148 meters (486 feet) above ocean level. Over 70% of the island is as yet secured with vegetation. The primary town region of Victoria is situated in a position confronting Brunei Bay.
The economy of Labuan flourishes with its huge oil and gas assets and worldwide venture and banking administrations. Labuan is a particularly an import-send out situated economy. For all intents and purposes the majority of its wares including unrefined petroleum, methanol, HBI, gas, flour, creature feed, ocean items and fired tiles are sent out either to Peninsular Malaysia or abroad. Crude materials, parts and supplies for modern uses well as shopper items are imported. In 2004, the all out estimation of Labuan’s outer exchange came to MYR11.8 billion from just MYR5.0 billion of every 1995 for a net exchange excess of MYR5.1 billion. Among its significant exchange accomplices are India, Peninsular Malaysia, Sarawak and South Korea. 65% of its fares are oil and gas-based items.
The Gross Domestic Product (GDP) of Labuan is assessed at MYR3.63 billion of every 2012 with a development pace of 5.8 percent. Labuan GDP per capita in 2012 is MYR39,682. The complete work for Labuan is around 39,800 of every 2012. The primary financial divisions in Labuan is administration and assembling which contributed 94.6 percent to the island GDP. The administration segment comprised for the most part of Finance and Insurance and Real Estate and Business Services. In the interim, the assembling segment comprises predominantly of oil and gas industry and backing.
Labuan Financial Park complex
The Labuan International Business and Financial Center Labuan IBFC was made as Malaysia’s just seaward budgetary center point in October 1990 and was working under the name of Labuan International Offshore Financial Center (IOFC). At the time it was built up to reinforce the commitment of money related administrations to the Gross National Product (GNP) of Malaysia just as to build up the island and its encompassing region. The locale, regulated by the Labuan Offshore Financial Services Authority or LOFSA, offers advantages, for example, 3% charge on net inspected results or a level pace of Malaysian Ringgit (MYR) 20,000 to exchanging organizations; low operational costs; liberal trade controls; and a large group of different focal points including promptly accessible, experienced and expert specialist organizations. In 2010 the thought “seaward” was barred from every one of the rules of Labuan because of world weight on the assessment asylums and offshores.
Since its commencement, the locale has extended to turn into a base for in excess of 6,500 seaward organizations and in excess of 300 authorized money related foundations including world driving banks. Labuan IBFC is leaving on a forceful development methodology to turn into the head global business and money related focus in the Asia Pacific district.
Labuan’s business spotlight is on five center zones: seaward holding organizations, hostage protection, Shariah-agreeable Islamic Finance structures, open and private assets and riches the executives. Labuan IBFC’s position is additionally improved by the dispatch of the Malaysian International Islamic Finance Center activity in August 2006.
Key legislation of Ministry of Finance
The Ministry of Finance is responsible for administration of several key Acts:
- Income Tax Act 1967 [Act 53]
- Financial Procedure Act 1957 [Act 61]
- Sales Tax Act 1972 [Act 64]
- Gaming Tax Act 1972 [Act 65]
- Accountants Act 1967 [Act 94]
- Bank Simpanan Nasional Act 1974 [Act 146]
- Service Tax Act 1975 [Act 151]
- Islamic Development Bank Act 1975 [Act 153]
- Real Property Gains Tax Act 1976 [Act 169]
- Excise Act 1976 [Act 176]
- Tun Razak Foundation Act 1976 [Act 178]
- Treasury Bills (Local) Act 1946 [Act 188]
- Betting and Sweepstake Duties Act 1948 [Act 201]
- Customs Act 1967 [Act 235]
- Treasury Deposit Receipts Act 1952 [Act 236]
- Valuers, Appraisers and Estate Agents Act 1981 [Act 242]
- Lotteries Act 1952 [Act 288]
- Goods Vehicle Levy Act 1983 [Act 294]
- Promotion of Investments Act 1986 [Act 327]
- Finance (Banking and Financial Institutions) Act 1986 [Act 330]
- Unclaimed Moneys Act 1965 [Act 370]
- Minister of Finance (Incorporation) Act 1957 [Act 375]
- Stamp Act 1949 [Act 378]
- Pool Betting Act 1967 [Act 384]
- External Loans Act 1963 [Act 403]
- Development Funds Act 1966 [Act 406]
- Lembaga Pembangunan Langkawi Act 1990 [Act 423]
- Free Zones Act 1990 [Act 438]
- Labuan Companies Act 1990 [Act 441]
- Labuan Business Activity Tax Act 1990 [Act 445]
- Employees Provident Fund Act 1991 [Act 452]
- Securities Industry (Central Depositories) Act 1991 [Act 453]
- Bretton Woods Agreements Act 1957 [Act 472]
- Securities Commission Act 1993 [Act 498]
- Inland Revenue Board of Malaysia Act 1995 [Act 533]
- Petroleum (Income Tax) Act 1967 [Act 543]
- Labuan Offshore Financial Services Authority Act 1996 [Act 545]
- Labuan Offshore Trusts Act 1996 [Act 554]
- Financial Reporting Act 1997 [Act 558]
- Pengurusan Danaharta Nasional Berhad Act 1998 [Act 587]
- Windfall Profit Levy Act 1998 [Act 592]
- Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 [Act 613]
- Development Financial Institutions Act 2002 [Act 618]
- Islamic Financial Services Board Act 2002 [Act 623]
- Demutualisation (Kuala Lumpur Stock Exchange) Act 2003 [Act 632]
- Retirement Fund Act 2007 [Act 662]
- Capital Markets and Services Act 2007 [Act 671]
- Central Bank of Malaysia Act 2009 [Act 701]
- Labuan Financial Services and Securities Act 2010 [Act 704]
- Labuan Islamic Financial Services and Securities Act 2010 [Act 705]
- Labuan Foundations Act 2010 [Act 706]
- Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 [Act 707]
- Malaysia Deposit Insurance Corporation Act 2011 (Akta Perbadanan Insurans Deposit Malaysia)[Act 720]
- Money Services Business Act 2011 [Act 731]
- Financial Services Act 2013 [Act 758]
- Islamic Financial Services Act 2013 [Act 759]
- Goods and Services Tax Act 2014 [Act 762]
- Netting of Financial Agreements Act 2015 [Act 766]
- Public Sector Home Financing Board Act 2015 [Act 767]
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