On 7 August 2023, the Malaysian official gazette published “Income tax (deduction for expenses in relation to listing on main market, access, certainty, efficiency (ace) market or leading entrepreneur accelerator platform (leap) market of Bursa Malaysia securities Berhad) rules 2023”. The Rules have effect from the year of assessment 2023 until the year of assessment 2025. The Rules shall apply to a technology-based company which is involved in the design, development and manufacture, production or application in any of the field and activities, and which has applied for listing on the Main Market, ACE Market or LEAP Market
The deduction shall be allowed for an amount equivalent to the amount of the following expenditures incurred by the technology-based company in relation to listing on the Main Market, ACE Market or LEAP Market: (a) payment of fees to Bursa Malaysia Securities Berhad and Securities Commission Malaysia as the authorities; (b) payment for the professional fees such as advisory fee, fees to the solicitor, company secretary, tax adviser, reporting accountant, auditor, valuer, independent market researcher, issuing house and share registrar.
