The Inland Revenue Board of Malaysia (IRBM) has published the Income Tax (Restriction on Deductibility of Interest) (Amendment) Rules 2022, which amends the original rules published in 2019. This includes amendments to the definition of "qualifying deduction", which is included in the formula for ascertaining tax-EBITDA. As amended, "qualifying deduction" means:
- where there is business expenditure incurred in the profit and loss account is allowed as deduction under the Act and the amount o…