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Istee Cheah

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Istee Cheah is a Partner in Wong & Partners, Kuala Lumpur office.

Following the developments to the Labuan tax regime through the introduction of economic substance requirements in 2019, the Labuan Companies (Amendment) Act 2022 recently came into effect on 10 June 2022 to amend the Labuan Companies Act 1990. These further developments to the Labuan corporate and regulatory regime clearly highlight Malaysia’s commitment towards adhering to international legal standards of corporate governance and transparency.

Earlier this year, there were reports of the inland Revenue Board of Malaysia (IRB) initiating probes and audits against a number of SVDP participants in relation to the periods for which the voluntary disclosures were made. The previous government administration had introduced the SVDP1 to encourage taxpayers to come forward to disclose their previously misreported income and deductions.