I guess this is similar to the nonsensical definition for what a “Malay” is in our Constitution.
The definition of “offshore business activity” in the LOBATA….
“offshore business activity” means an offshore trading or an offshore non-trading activity carried on in or from Labuan in a currency other than the Malaysian currency by an offshore company with non-residents or with another offshore company, but does not include shipping operations; provided that:-
(a) in relation to an offshore company carrying on an offshore banking business, such activity may be carried on with residents and where permitted under subsection (2) of section 20 of the Offshore Banking Act 1990, transactions may be carried on in Malaysian currency;
(b) in relation to an offshore company carrying on an offshore insurance…
… (f) the Minister may approve the carrying on of such activity with resident or such transactions in Malaysian currency;
Don’t bother searching for the definitions of offshore trading or non-trading. The furthest you’ll get to is “…. not onshore”.
Yes, the currency confusion ain’t much help either.
Categories: Unbelievable Acts
This has noble intentions. But it ain’t gonna fly.
Firstly, there isn’t anything new about replacing federal income tax with zakat payments for Muslims, which is essentially a tax rebate. That has always been an available option for them.
Secondly, there isn’t any federal legislation that allows a non-Muslim a similar option to replace their federal income tax with anything else. The closest thing we’ll ever get to that are approved donations. Approved donations get deducted before the tax rates are applied and there’s a limitation on even that. In the end, whatever’s left is still subject to tax at the individual’s applicable rate…. unless, of course, that individual donates his entire earning to the government.
Thirdly, the federal government ain’t gonna pass any law to change the second point above to be in line with point one for the non-Muslims.
Lastly, I’m disappointed with Pakatan for coming up with this “instant noodle” solution which is essentially a one-hand-trying-to-clap-for-political-protest of the federal government’s management of our income taxes. If they had half a brain, BN worshippers will be scrambling to ridicule this.
Categories: Thinking Out Loud
