The Budget for 2009 was presented to the Malaysian Parliament by the Prime Minister on 29 August 2008. Details of the Budget, which unless otherwise indicated will apply from the year of assessment (YA) 2009 (Malaysia has a "current year" basis of assessment for income tax purposes), are summarized below. Corporate tax The following changes are proposed: -   the group relief scheme, which currently allows companies to transfer 50% of their current year's business losses to related companies, will be increased to 70%; -   effective 1 January 2009, companies will be allowed to apply for advance pricing arrangements...