On 3 December 2015, the Inland Revenue Board of Malaysia (IRBM) published Public Ruling (PR) No. 9/2015 - Deduction of Interest Expense and Recognition of Interest Income for Loan Transactions between Related Persons. Related Persons Related persons (including a company, a body of persons, a limited liability partnership and a corporation sole) include: When one person has control over the other; Individuals who are relatives; and When two persons are controlled by another person. Interest Expense Deduction Interest expense is only deductible in ascertaining the adjusted income for the basis period for a year of assessment when the interest is...