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In a recent meeting with the Organization for Economic Cooperation and Development (OECD) Center for Tax Policy, the Labuan International Business and Financial Center (Labuan IBFC) confirmed that it remains committed to upholding its legal framework in line with internationally-agreed tax standards and best practices.
"The meeting with OECD is important because it provided a stakeholder engagement platform for the Labuan Financial Services Authority (Labuan FSA) to reiterate our position with regards to the regulatory and tax transparency framework, in particular to the effective exchange of information," said Danial Mah Abdullah, Deputy Director General of Labuan FSA. "The OECD Center's continued endorsement is important for Labuan IBFC in its ambition to be the International Financial and Business Center for the Asia Pacific."
Labuan is presently on the OECD "white list" of jurisdictions that have substantially implemented internationally agreed tax standards under the Global Forum on Tax Transparency and Exchange of Information and are deemed to have the necessary tax reporting and transparency framework in place.
Initiatives undertaken to further strengthen Labuan IBFC's position in this regard also include Labuan FSA being equipped with adequate powers to ensure Labuan entities comply with statutory requirements, namely record-keeping, accounting, submission of information and powers of entry, search and seizure; and a broadening of the provisions of the Labuan Business Activity Tax Act 1990 relating to the disclosure of information to encompass tax information exchange agreements in addition to the existing double tax agreements signed by Malaysia with more than 74 countries.
Labuan FSA is a member of international organizations, including the International Association of Insurance Supervisors, Group of International Financial Supervisors, and Asia/Pacific Group on Money Laundering, while Labuan IBFC is a full signatory to the International Organization of Securities Commission's Multilateral Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information.
Labuan FSA has also signed the multilateral convention agreement with European Securities and Markets Authority to strengthen investor protection and cooperation between jurisdictions.
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