Erosion of status undermined Labuan
Published on: Friday, March 15, 2024
By: Sohan Das
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Wong said there were also other ways to curb the leakages such as fixing an import quota on cigarettes shipments to ensure there was no surplus supply of tax free tobacco products.
LABUAN: The Labuan Chinese Chamber of Commerce has reiterated its call to the Madani Government to reconsider the “bad” decision of the previous government and reinstate the full duty status of the island stressing that under the Federal Territories Agreement (1984) that Labuan the status will remain.
Chamber Chairman Datuk Wong Kii Yii said this in reference to the written response given to Labuan Member of Parliament who inquired about the return of the status.
The response from the Finance Minister stated Labuan is not solely reliant on sales of cigarettes for its economy and the tax revenue collected from it constituted only 0.05 per cent (MR14,000) of the total revenue collected when cigarettes were listed taxable in 2022.
The decision was also to curb revenue loss from illegal trade.
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