The Labuan Offshore Financial Services Authority has announced plans for a holistic review of the taxation structure in the Labuan International Offshore Financial Centre (IOFC), in conjunction with the Ministry of Finance. Currently, Labuan offshore companies carrying on offshore trading activities are subject to a preferential tax rate of 3% on net audited profits, or may elect for a flat tax of MYR 20,000 per year. Offshore non-trading activities are not taxed. As part of measures to facilitate business growth and maintain the IOFC's competitiveness, LOFSA will also review existing regulatory requirements, by carrying out a comprehensive review of the...