On 7 January 2015, the Inland Revenue Board of Malaysia posted Public Ruling 12/2014 (date 31 December 2014), which clarifies whether an asset is qualifying plant and machinery for the purpose of claiming capital allowances.. For determining statutory income, capital allowances, balancing allowances or balancing charges can be deducted from or added to the adjusted income of a business source for the basis period for a year of assessment. Capital allowances, which include initial and annual allowances, may be claimed by taxpayers who have incurred qualifying capital expenditure on assets used for business purposes. In determining the capital allowance amount,...