The Inland Revenue Board of Malaysia (IRBM) has issued Public Ruling No. 2/2023 of 4 October 2023 on the tax incentive offered to an investor who has invested in a BioNexus status company (BSC) in Malaysia. The tax incentive is a deduction in the basis period for a year of assessment equal to the actual value of the investment made by the investor in the basis period in a company approved by the Minister of Finance as a BSC. Public Ruling No. 2/2023 updates and replaces Public Ruling No.10/2018 of 4 December 2018. The main changes include: An update to...