Public Ruling No. 8/2014, Basis period of a Company, Limited Liability Partnership, Trust Body and Co-operative Society.

On 1 December 2014, Inland Revenue Board (IRB) has issued the Public Ruling No. 8/2014, Basis period of a Company, Limited Liability Partnership, Trust Body and Co-operative Society.

This ruling explains the determinations of basis period of the above entities. Also, the determination of basis period for the above entities which have been in operations and change of the accounting period.

This Public Ruling (PR) replaces PR No. 5/2001 and PR No.7/2001 both issued on 30 April 2001 due to the new provision of subsection 21A(4) of the Income Tax Act (Amendment vide Finance Act 2014 [Act761]).

Source : IRB website