Public Ruling (PR) No. 2/2015: Taxation Of Real Estate Investment Trust Or Property Trust Fund

Author:Deloitte LLP

PR No. 2/2015 has recently been uploaded to the website of the Inland Revenue Board (IRB) to replace the PR No. 9/2012 dated 26 November 2012.

The key changes are as follows:

Paragraph 3 The interpretation for the terms "Real estate investment trust", "Islamic real estate investment trust", "Distribution" and "Fund" in the previous PR have been deleted. Paragraph 4 A new paragraph is inserted to explain the meaning of REIT/PTF. Paragraphs 5 to 10 Revised and renumbered to provide further clarification on the special tax treatment on rental income of a REIT/PTF, deductibility of expenses, capital allowance and industrial building allowance, special provision relating to Section 63C of the ITA and exemption of income from tax. Paragraph 8.3.2 and 8.3.3 New paragraphs are inserted to incorporate...

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