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| Labuan's Offshore Centre Prospers |
by Mary Swire, Tax-News.com, Hong Kong
Friday, April 30, 2010
The recently-published 2009 annual report of the Labuan Financial Services
Authority (Labuan FSA) showed substantial growth in all the key financial activities
pursued in Labuan, despite the global economic recession during the period.
In particular, leasing out of the Labuan International Business and Financial
Centre (LIBFC) was the business sector which performed the best, growing strongly
with leased assets rising by almost 24% to USD21.9bn. Much of the increase was
seen in the leasing of floating production platforms and offshore support vessels
for the oil and gas sector, but a rise in activity was also experienced in aviation
business.
Furthermore, with an increase of almost 9% in 2009, insurance premiums written in Labuan reached over
USD1bn for the second successive year.
As at the end of 2009, the banking sector in Labuan had total deposits and
loans outstanding of USD10.2bn and USD18.6bn respectively, and the banks themselves
recorded a 16.6% increase in combined profits during the year. It was emphasized that the
banking system in Labuan remained sound, with a continued vigilance against
money laundering and similar activities.
Of note in 2009 were the new laws which have substantially improved the regulation
and development of Labuan’s international financial markets. An additional
clause to the Labuan Offshore Business Activity Tax Act, which is now known as the Labuan Business Activity Tax Act, has enabled the adoption
of the Organization for Economic Cooperation and Development standard for the
exchange of information for tax purposes in double taxation agreements.
Comparable changes have also taken place in the laws governing the creation of Labuan foundations, limited liability
partnerships, protected cell companies (insurance and mutual funds), shipping
operations, Labuan special trusts and financial planning activities.
Ongoing robust regulation of the LIBFC by the Labuan FSA
should ensure its continued development as a regional platform
for international investments.
A comprehensive report in our Intelligence Report series
tracing in detail the course of the last six years both globally and at jurisdiction
level, explaining precisely what you get - and don't get - for your money in
all of the main offshore jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report1.asp
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