The Inland Revenue Board of Malaysia (IRBM) has issued Public Ruling (PR) No. 12/2018, which replaces an earlier version issued in March 2011. PR No. 12/2018 provides an overview of the differing treatment based on whether the income is deemed as business or non-business source. Some key differences include that when income from the letting of property is treated as business income, capital allowances may be claimed on capital expenditure incurred on plant and machinery and unabsorbed capital allowances and losses may be carried forward. In general, the letting of real property is deemed as a business source and the...