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I have 2 questions on labuan related tax questions and was hoping to find an answer here:
1) Dividend received by Labuan is exempted under Income Tax (Exemption) (No. 22) Order 2007). However, according to LBATA, chargeable profit is net profit in audited account (without adjustment except for royalty income). So if there is a dividend income, it should be included in the audited account right. Do we minus out the dividend income (as it is exempted) or do we just tax based on the net profit (include dividend income)?
2) Zakat rebate. Same issue on zakat. If it is included as an expense in audited account, do we take the net profit as it is (already deducted zakat) and deduct rebate on zakat again? This will lead to double deduction.
Thank you.
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