The Inland Revenue Board of Malaysia has issued Public Ruling No. 3/2022, which updates and replaces Public Ruling No. 7/2019 on the taxation of foreign fund management companies (FFMCs). FFMCs are companies incorporated in Malaysia and licensed under the Capital Markets and Services Act 2007, the capital of which is more than 50% owned by foreign equity. The main updates concern tax exemptions for FFMCs managing funds according to Shariah principles. For the year of assessment 2007 until the year of assessment 2020, FFMCs that manage funds of foreign investors according to Shariah principles were exempted from the payment of...