The Inland Revenue Board of Malaysia recently published Public Ruling No. 3/2025, which clarifies the tax treatment of Asset-Backed Securitisation (ABS) transactions, including those involving sukuk. The ruling provides detailed guidance for originators, special purpose vehicles (SPVs), and investors participating in ABS structures regulated by the Securities Commission Malaysia. As explained in the ruling, originators transferring assets to SPVs must generally recognize income or losses ove…