The Inland Revenue Board of Malaysia (IRBM) recently published Public Ruling No. 3/2021, which provides updated guidance on special allowances claimed as capital allowances for small value assets. The updated guidance takes into account changes introduced by the Finance Act 2019 with effect from the year of assessment 2020. These changes include:
- an increase in the eligible individual asset costs from MYR 1,300 to MYR 2,000;
- an increase in the maximum total claim per year from MYR 13,000 to…