The Inland Revenue Board of Malaysia (IRBM) recently published Public Ruling No. 1/2021, which provides updated guidance on the taxation of unit holders of real estate investment trusts (REITs) and property trust funds (PTFs), replacing Public Ruling No. 9/2018. The public ruling provides an explanation of taxation at the level of the unit holder and the applicable rates, which depends on the residence status of the unit holder and whether the unit holder is a company, a foreign institutional investor, or an individual. For resident companies, the corporate tax rate applies (24%), while for non-resident companies, a final withholding tax...