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Extension of income tax exemption for directors of a Labuan entity
As highlighted in an earlier tax alert, the LFSA had issued a circular dated 4 December 2020 to confirm that the income tax exemption in respect of fees received by a non-Malaysian individual in his capacity as a director of a Labuan entity, would be extended for another five years, i.e. until YA 2025 (see Tax Alert No. 22/2020).
To legislate the above, the Income Tax (Exemption) (No. 7) (Amendment) Order 2021 [P.U.(A) 6] was gazetted on 12 January 2021 and is effective from YA 2021.