The Inland Revenue Board of Malaysia (IRBM) has published Public Ruling No. 5/2023, which provides guidance on the tax incentive for approved food production projects in Malaysia. The incentive is an income tax exemption for approved projects as follows: New Project - Tax exemption of 100% for a period of 10 consecutive years of assessment (YAs) in respect of statutory income, commencing from the first YA in which the qualified person derived statutory income in relation to the approved project. Expansion of an Existing Project - Tax exemption of 100% for a period of 5 consecutive YAs in respect of...