On 4 September 2014, the Inland Revenue Board of Malaysia issued Public Ruling No. 6/2014. The ruling  clarifies the tax treatment of income of foreign fund management companies. A foreign fund management company  is a company incorporated in Malaysia and licensed under the Capital Markets and Services Act 2007 that derives more than 50% of its paid-up capital from foreign equity. Key aspects of the ruling include: Separate Taxable Income Determination Income from fund management services is considered business income, and such income from services provided to foreign investors must be kept separate and distinct from fund management services provided to local...