Budget 2024 to address Labuan’s water woes, boost Islamic finance

LABUAN: Community leaders have hailed the Budget 2024 for providing a solution to the prolonged water problems in Labuan and boosting the Islamic fina...

: Community leaders have hailed the Budget 2024 for providing a solution to the prolonged water problems in Labuan and boosting the Islamic finance sector on the island.

He emphasised that the lack of clean water supply has been a persistent concern and the allocation of funds promises relief to the affected residents. Parti Bersatu Sabah Labuan chief Datuk Peter Mak said resolving the water problem is crucial not only for the residents but also for supporting and expanding industrial activities on the island.

In addition to addressing water issues, the Budget 2024 includes measures to enhance Labuan’s status as an International Business and Financial Centre , and Labuan entities engaged in activities related to Islamic Finance will enjoy a full tax exemption for five years, and this incentive is anticipated to boost Labuan’s position in the global offshore financing sector.

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