The Inland Revenue Board of Malaysia (IRBM) has issued Public Ruling No. 1/2020 of 22 May 2020 on the tax incentives for BioNexus (BNX) status companies, The Public Ruling updates and replaces the prior public ruling on the tax incentives, Public Ruling No. 8/2018, which was issued in October 2018. The main changes made with the update include the addition of new information regarding the substantial activities requirement that must be met by BNX companies to be eligible for the 10-year tax exemption for new business and the 5-year tax exemption for expansion projects. This includes the following: Substantial activities...