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TaXavvy Issue 21/2025
In this issue:
Single Family Office (SFO) Incentive Scheme rules gazetted
Following the launch of SFO incentive scheme by Securities Commission (SC) in September 2024, several gazette orders have been issued on 3 October 2025 providing the legislation in relation to the incentives to promote the establishment of the SFO incentive scheme.
The SC has on 6 October 2025 stated in its media release that the rules provide policy certainty and confidence for families to make structuring decisions and has received more than 30 expressions of interest targeting RM2 billion in asset under management (AUM) by the end of 2026.
The SFO incentive scheme is subject to application to the SC from 1 September 2024 to 31 December 2034.
Labuan - fit and proper person for entities
Following the Budget 2025 announcement to broaden the economic substance requirements (ESR) to include the requirement for full-time employees to be fit and proper persons with effect from 1 January 2025, the following amendment orders have been gazetted on 9 September 2025:
- Labuan Business Activity Tax (Requirements for Labuan Business Activity) (Amendment) Regulations 2025
- Labuan Business Activity Tax (Requirements for Labuan International Commodity Trading Company) (Amendment) Regulations 2025
Labuan filing – further extension of time
The Inland Revenue Board (IRB) has informed the Association of Labuan Trust Companies on the extended deadline for submission of the Labuan income tax return for year of assessment 2025 (preceding year basis).
Consolidated e-Invoice not allowed – updates
The IRB has updated the Specific e-Invoice Guidelines to include additional activities / transaction where consolidated e-Invoice is not allowed.
TaXavvy is a newsletter issued by PricewaterhouseCoopers Taxation Services Sdn Bhd. While every care has been taken in compiling this newsletter, we make no representations or warranty (expressed or implied) about the accuracy, suitability, reliability or completeness of the information for any purpose. PricewaterhouseCoopers Taxation Services Sdn Bhd, its employees and agents accept no liability, and disclaim all responsibility, for the consequences of anyone acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. Recipients should not act upon it without seeking specific professional advice tailored to your circumstances, requirements or needs.
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