| Application for tax resident status |
 |
 |
 |
|
Whilst it is possible for a Labuan offshore company to apply for tax resident status from the Inland Revenue Board, the grant is not as of right but dealt with on a case by case basis. The status is given for one year of assessment only. Thereafter, a new application is required if tax resident status is required in subsequent years of assessment. The Inland Revenue Board has issued a list as to the documents or information required for the application. These are as follows:
a) Memorandum & Articles of Association, b) Minutes of directors’ meeting indicating where meetings are held and what decisions in relation to “management & control” were taken, and c) Photocopies of the director’s travel documents showing his entry into and exit from Malaysia.
Other than the above, it is also considered vital for the application that the particular Labuan company has filed tax returns, paid all taxes due and have kept its accounting and financial records in good order. The Inland Revenue Board reserves the right to request further information or documents. |
