The Inland Revenue Board of Malaysia has issued two new public rulings dated 29 December 2021 that provide guidance on the taxation of partnerships:
- Public Ruling No. 7/2021 - Taxation of Partnerships Part I - Determination of the Existence of a Partnership
- Public Ruling No. 8/2021 - Taxation of Partnerships Part II - Computation and Allocation of Income
Public Ruling No. 7/2021 explains the determination of the existence of a partnership for income tax purposes. A partnership is general…