The Inland Revenue Board of Malaysia (IRBM) has issued Public Ruling No. 4/2020 of 16 June 2020 on the tax treatment of any sum received and a debt owing that arises in respect of services to be rendered, which changed with effect from the Year of Assessment 2016. The main points of the public ruling are as follows.

Changes from Year of Assessment 2016

Pursuant to the Finance Act 2015 (Act 7…