On 8 September 2017, the Inland Revenue Board of Malaysia published Public Ruling No. 5/2017 to explain the tax treatment accorded to a real estate investment trust or a property trust fund (REIT/PTF) in Malaysia. The Public Ruling covers: The basis year for a year of assessment of a REIT/PTF; The special tax treatment for rental income, which was introduced from the year of assessment 2005; The deduction of expenses against rental income of a REIT/PTF; The deduction of capital allowances and industrial building allowances against adjusted rental income; The transitional provision for the tax treatment of losses and capital...