The Income Tax (Amendment) Regulations 2022 (ITR 2022) amended the Income Tax Regulations 1996 on 6 April 2022, as published in Government Notice No. 77 of 2022.The amendments address: (i) the conditions for an 80% income exemption for licensed corporate investment dealers; and (ii) the nature of the specialized software and systems for the purposes of the double deduction introduced in 2021.Conditions for 80% exempt incomeUnder the 2021/2022 Budget, 80% of the income of a licensed corporate investment dealer is exempt from income tax. The exemption only applies if the company satisfies the prescribed conditions. The overarching condition is that...