The Inland Revenue Board of Malaysia (IRBM) concluded a brief consultation on 10 September 2024 on a draft public ruling on the tax incentive for investments in BioNexus status companies (BSC). The draft public ruling updates and replaces Public Ruling No. 2/2023 of 4 October 2023 to reflect amendments made by the Income Tax (Deduction for Investment in a BioNexus Status Company) Rules (Amendment) 2024, which extended the application of the investment incentive until 31 December 2024. Considering the extension, updates in the public ruling include that applications to make an investment in a BSC must be submitted to the...