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 The Inland Revenue Board of Malaysia (IRBM) is one of the main revenue collecting agencies of the Ministry of Finance, Malaysia and is the Revenue Board for all businesses and activities in Labuan IBFC.
The Inland Revenue Board was set up and is governed by provisions contained in the Inland Revenue Board of Malaysia Act 1995. The Act gives the Board complete autonomy with regards to all fiscal matters in Malaysia and empowers it to improve the quality and effectiveness of tax administration. The agency is responsible for the overall administration of direct taxes under the following Acts:
- Income Tax Act 1967,
- Petroleum (Income Tax) Act 1967,
- Real Property Gains Tax Act 1976,
- Promotion of Investments Act 1986,
- Stamp Act 1949,
- Labuan Business Activity Tax Act 1990.
The Revenue is also mandated as the keeper of Malaysia’s extensive Double Taxation Network, and is responsible for the management of these bilateral agreements. Double Taxation Agreements are bilateral agreements entered into by two countries which eliminates instances of double taxation which may incur from international business transactions. As the 24th largest trading nation in the world Malaysia has one of the largest Double Taxation Agreement networks in Asia Pacific.
Click here to get more details on Malaysia DTA
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Last Updated on Monday, 02 January 2012 19:06
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