The Income Tax (Deduction for Cost of Acquisition of Foreign Owned Company) Rules 2013 were gazetted on 4 July 2013 and are deemed to have come into effect from 3 July 2012.. Pursuant to the Rules, a locally owned company, registered and resident in Malaysia would be eligible for a deduction for the cost incurred in acquiring a foreign-owned company. The deduction is to be spread over 5 years, i.e. 20% of the qualifying costs will be deductible per year of assessment. The Rules also define a locally owned company and a foreign-owned company. An application has to be made...