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Further extension of time (EOT) for the submission of YA 2023 tax returns under the Labuan Business Activity Tax Act 1990 (LBATA)
The IRB’s Labuan branch has granted further EOT for submission of tax returns under Sections 5 and 10 of the LBATA for YA 2023 (based on the financial year ended in 2022) via its letter dated 26 July 2023 to the Association of Labuan Trust Companies (ALTC). The submission deadline of the tax returns for YA 2023 has been extended from 31 July 2023 (see Tax Alert No. 6/2023) to 30 October 2023.
The IRB reiterated that they are in the process of digitalizing the LBATA tax filing, with full digitalization expected by 2025. To facilitate the process, Labuan entities are required to submit a scanned copy of the relevant documents such as the Form LEs and audited accounts, together with the hard copies, to the IRB’s Labuan International Section from YA 2023 onwards.