On 16 May 2016, the Inland Revenue Board of Malaysia published Public Ruling No. 3/2016 on the tax treatment of interest income received by a person carrying on a business, including a company, a body of persons, a limited liability partnership and a corporation sole.
Sources of Interest Income
The ruling sets out the sources of interest income, which include:
- Financial Deposit Product, including fixed deposit and savings accounts;
- Negotiable Instruments of Deposit;
- Repurchase Agreements…