Labuan FSA took note the difficulties faced by Labuan companies regarding the timely submission of audited financial statements in COR@L system due to the impact of COVID-19 pandemic and other operational issues.
As part of the COVID-19 relief measurements and to ease the burden during this trying time, please be informed that Labuan FSA has agreed to grant extension of time to adopt the accounts at a members’ meeting up to 31 December 2020 and to grant approval for an extension of time to submit the audited accounts to Labuan FSA i.e. one month after the members’ meeting for 2019 year of assessment.
Nevertheless, trust companies are still required to apply an application for extension of time via COR@L for our record purposes. Processing fee for extension of time and penalty for late lodgement will be waived during this period.
Please take note, any request for new extension of time after 31 December 2020 will be charged accordingly including its penalty fee for late lodgement, administrative penalty or any other related fees associated with the submission.