Malaysia Tax Agency Issues General Ruling on Carrying Forward Business-Adjusted Unabsorbed Losses

The Malaysian Inland Revenue Board June 30 issued General Ruling No. 1/2022, explaining the carry forward of business-adjusted unabsorbed losses. The ruling explains: 1) relevant legal provisions and interpretations; 2) the scenario in which unabsorbed losses can be carried forward; 3) the determination of business-adjusted income or loss; 4) the calculation of the statutory business income and the aggregate income; 5) the shareholding test for carrying forward unabsorbed losses; 6) the calculation of taxable income; 7) the time limit of up to 10 consecutive assessment years for carrying forward losses; 8) special provisions under which the specified unabsorbed losses from ...