Finance Ministry wants full report on Labuan's economic issues

16 Apr 2023 06:58pm
Steven Sim Chee Keong - Bernama Pix
Steven Sim Chee Keong - Bernama Pix
LABUAN - The Ministry of Finance (MoF) has requested the Labuan Chamber of Commerce (LCC) to come up with a full report on Labuan’s economic issues and challenges for immediate attention.

Deputy Finance Minister II Steven Sim said the report was needed for a thorough study and to find solutions.

"I have received a briefing on Labuan’s various economic issues and challenges faced by the business community and people as a whole, and I have noted that.

"We want a full report on that, and we will look at it thoroughly,” he said after visiting the Labuan Royal Malaysian Customs Department, here today.

Sim said the report must include the issue of restoration of full pledged duty-free status of Labuan.

"They have briefed us about the reinstatement of duty-free cigarettes in Labuan and the almost double amount of tax for vehicles purchased in this island after a certain period of time,” he said.

Sim said issues that are under the jurisdiction of MoF would be dealt with, including issues related to customs that would be taken up to the customs Director-General to seek solutions.

"We want to discuss with customs on how we can work together with private sectors (industry players) to develop and facilitate business.

"The close cooperation between customs and private sectors will enable us to improve the existing policies and boost the economy that will benefit the people,” he said.
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Sim who was on a one-day visit to Labuan was briefed on the Megah Port Management Sdn Bhd (MPM) port handing services, activities of ship-to-ship by Victoria STS Sdn Bhd and issue on eroding duty-free status of Labuan among others by LCC chairman Daniel Doughty. - BERNAMA