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Answer: IBC is an abbreviation for International Business Company. The IBC employs a tax incentive system on the condition that domestic transactions are not conducted within its territory, and corporate tax is lower than domestic corporations. All entities established within the Labuan Special Economic Zone are generally classified as IBC. As an exception, Labuan accepts transactions in Malaysia for professional fees, office rent payments, and employee salary payments. Fiat currency Ringgit is also available.