The Inland Revenue Board of Malaysia (IRBM) has issued Guidelines on the Tax Treatment of Hybrid Instruments, dated 29 June 2024. The guidelines cover: Key features of a hybrid instrument and factors that are taken into consideration in determining whether a hybrid instrument is classified as equity or debt for tax purposes; and Tax treatment related to the distribution or profit on a hybrid instrument for both the holder and issuer of the instrument. The specific tax treatment is outlined in the guidelines as follows: --- 6. TAX TREATMENT 6.1. Tax treatment of equity instrument 6.1.1. If a hybrid instrument...