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Thursday, November 7, 2013

Labuan unaffected by GST, says Association of Labuan Trust Companies

Politics & Government 2013
Written by Bernama 
Friday, 01 November 2013 17:27

LABUAN (Nov 1): Being a free-duty island, implementation of the Goods and Services Tax (GST) will not affect Labuan, says Association of Labuan Trust Companies chairman Datuk Chin Chee Kee.

"Although the national budget had some surprises for us, nevertheless Labuan will not be affected in any way. Labuan is a designated area and will be zero- rated.

"We can even claim back the GST that we've paid. We'll also see reduction in income tax which will leave additional disposal income for everyone, especially for people working and residing in Labuan,” he said when speaking at a dinner here last night. 

Chin said the increase in Real Property Gains Tax rate will see more affordable houses for the working class “as no one would like to speculate under such a high tax rate. 

"Thus, it is now worth considering to work and stay in Labuan. Paying six per cent GST is a lot in the long run. Thus, working and staying in Labuan will save you a lot of money as there is no excise duty on cars, cigarettes and liquor and now no GST,” he added.

The GST will be implemented on April 1, 2015.

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