Effective on 17 April 2020, the Labuan Financial Services Authority (LFSA) issued revised guidelines on Labuan International Commodity Trading Company (LITC) under the Global Incentives for Trading (GIFT) program. The GIFT program covers products such as petroleum and related products, minerals, agriculture products, refined raw materials, chemicals, and coal. To qualify as an LITC, a company is required to have some or all of the following functions in Malaysia, including strategic management, finance management, risk management, market research, product portfolio development, logistics management, procurement, marketing, and sales planning. Operation requirements include sufficient capital, operational office, governance, proper directors and officers,...