The Inland Revenue Board of Malaysia (IRBM) recently published Public Ruling No. 2/2021, which provides guidance on the tax deduction available to companies that sponsor any approved local or foreign arts, cultural, and heritage activities in Malaysia. In Budget 2020 the government increased the tax deduction limit of sponsorships to encourage the sponsoring of any arts, cultural, or heritage activity approved by the Minister. The main guidance provided in the public ruling includes the following: Application for an Approval of Sponsorship and Letter of Approval for Tax Deduction In accordance with the guidelines on the application for a tax deduction...