Malaysia Tax Agency Issues Public Ruling Clarifying Tax Treatment of Trade Debts

The Malaysian Inland Revenue Board Sept. 24 issued a public ruling to clarify the tax treatment of trade debts. The ruling explains: 1) what qualifies as non-recoverable debt; 2) the requirements for deducting taxes on unrecovered debt; 3) the method of estimating the amount of unrecovered debt; and 4) the procedure for settling debt through asset foreclosure. [Malaysia, Inland Revenue Board, 09/24/19]

Reference:
View Public Ruling No. 4/2019. View Index.