On 31 December 2014, the Inland Revenue Board of Malaysia on issued Public Ruling 10/2014 which provides clarification of the tax rules for special allowances for small-value assets for the 2015 year of assessment. Key aspects of the ruling are summarized as follows:
- Small-value assets for the purpose of the special allowances includes plant or machinery used for the purpose of a person's business with an acquisition cost not exceeding MYR 1,300 (increased from MYR 1,000), but excludes asset…