TaXavvy Issue 11/2022

In this issue:

Tax Deduction for Investment in a BioNexus Status Company

The Income Tax (Deduction for Investment in a Bionexus Status Company) (Amendment) Rules 2022 has been gazetted and is effective from 1 January 2021.

Labuan - Amendment Acts

The following Amendment Acts have been gazetted on 9 June 2022:

Labuan Companies (Amendment) Act 2022;
Labuan Financial Services and Securities (Amendment) Act 2022; and
Labuan Islamic Financial Services and Securities (Amendment) Act 2022

Public Ruling 1/2022 - Time Limit for Unabsorbed Adjusted Business Losses Carried Forward

The Inland Revenue Board has issued PR 1/2022 - Time Limit for Unabsorbed Adjusted Business Losses Carried Forward (“PR 1/2022”) dated 30 June 2022. PR 1/2022 explains the treatment of carry forward of unabsorbed business losses.

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