On 3 December 2019, the Inland Revenue Board of Malaysia published Public Ruling No. 7/2019 on the taxation of foreign fund management companies, which are companies incorporated in Malaysia and licensed under the Capital Markets and Services Act 2007, the capital of which is more than 50% owned by foreign equity. Some of the main points of Public Ruling No. 7 include: Where a foreign fund management company provides fund management services to both foreign investors and local investors, the income derived from the provision of such services to each of these categories of investors will be treated as arising...