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Labuan: Domestic Corporate Taxation

Filing Requirements and Payment of Tax

The year of assessment is the calendar year. Income tax is chargeable on income earned in the year of assessment.

A self-assessment system was introduced in 2001. Companies have to file their tax returns within six months after the end of their accounting period. A tax return will be deemed to be an assessment made on the date of filing the return.

Under the old rules, estimated tax was generally payable in five equal installments, with the first payment due in January or February of the year of assessment.

From 2001, companies have been obliged to provide an estimate of their tax payable no later than 30 days before the beginning of their accounting period. The estimated tax is payable in equal monthly installments by the 10th day of each month beginning in the second month of the accounting period. Any balance of tax due must be paid by the end of the sixth month following the end of their accounting period.



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