CLARIFICATION ON DETERMINING THE GROSS INCOME FROM BUSINESS SOURCES OF NOT MORE THAN RM50 MILLION OF A COMPANY OR LIMITED LIABILITY PARTNERSHIP (“LLP”)
The Inland Revenue Board of Malaysia has recently issued Practice Note No. 4/2020 dated 21 December 2020 to provide clarification on determining the gross income from business sources of not more than RM50 million of a company or LLP. This Practice Note is effective from Years of Assessment 2020 and it replaces Practice Note No. 3/2020.
We would like to highlight the following salient points in Practice Note No. 4/2020 which could be found in our publication.