EVALUATIONS WERE ALSO ANOTHER RECURRENT FEATURE IN 2018 FOR THE
CENTRE. SIMILAR TO OTHER JURISDICTIONS INCLUDING INTERNATIONAL
FINANCIAL CENTRES, LABUAN IBFC WAS ASSESSED BY THE ORGANISATION OF
ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD), ON ITS COMPLIANCE TO
INTERNATIONAL TAX STANDARDS AND CONFORMITY TO FISCAL ACCEPTABLE
PRACTICES. SIGNIFICANT EFFORTS WERE MADE BY THE AUTHORITY TO
COLLABORATE CLOSELY WITH THE MINISTRY OF FINANCE, RELEVANT AGENCIES
AND THE INDUSTRY TO ENSURE THE CENTRE'S RESPONSES AND FEEDBACK
MEET THE ASSESSORS' EXPECTATIONS.
I am pleased to share that Labuan IBFC had performed well for
the two major assessments by the OECD:
- For the Peer Review Assessment on tax
transparencies and the effectiveness of exchange of information,
Malaysia, including Labuan was rated 'Largely
Compliant'.
