The Inland Revenue Board of Malaysia (IRBM) has amended the Public Ruling (PR) to clarify the tax incentives available to an investor who has invested in a BioNexus status company (BSC) in Malaysia.
The key updates outlined in Public Ruling No. 5/2024, released on 27 December 2024 are as follows:
- This new PR now includes the updated Income Tax (Deduction for Investment in BioNexus Status Company) (Amendment) Rules 2024 (PU(A) 23/2024), effective from 1 January 2023;
- Individuals who have received prior approval for the incentive may reapply, provided the new investment is in a different activity;
- Applications must be submitted to the relevant authority between 1 January 2023 and 31 December 2024.
Earlier, the IRBM concluded a brief public consultation regarding a draft public ruling on tax incentives for investments in BSC on 10 September 2024. The draft public ruling updates and supersedes Public Ruling No. 2/2023 of 4 October 2023.
