The Inland Revenue Board of Malaysia (IRBM) has published Practice Note No. 1/2023 of 15 June 2023, which explains the tax treatment of foreign exchange gains and losses for chargeable persons under the Petroleum (Income Tax) Act.

As part of the practice note, reference is made to the:

• Guidelines on Tax Treatment Related to the Implementation of MFRS 121 (or Other Similar Standards), as rev…