The document discusses Public Ruling 1/2022 regarding the time limit for carrying forward unabsorbed adjusted business losses, which is extended from 7 to 10 consecutive years effective from the year of assessment 2019. Any unabsorbed losses beyond this period will be disregarded, and certain conditions regarding shareholding changes must be met to qualify for the carry-forward. Additionally, dormant companies are exempt from this ruling.

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Public Ruling 1/2022
Time limit on unabsorbed adjusted
business losses carry forward
≥ IRB first public ruling in 2022

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Public Ruling 1/202
Effective year of assessment 2019,
unabsorbed adjusted business losses
carried forward for a period of 7
consecutive years of
assessment.

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Public Ruling 1/202
The time limit for unabsorbed
adjusted business losses carried
forward arising from a relevant
year of assessment change from
a 7 consecutive years of
assessment to 10 consecutive
years of assessment…

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Public Ruling 1/202
…. through the Finance Act 2021 [Act
833] effective year of
assessment 2019.

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Public Ruling 1/202
Any balance of unabsorbed adjusted
business losses after the
end of the period of 10 consecutive
years of assessment is to be
disregarded (ie lost)

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Public Ruling 1/202
T & C :
There has been no substantial
change in the company’s
shareholding.

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Public Ruling 1/202
T & C :
Compare the last day of last
YA and the first day of next
YA on shareholding.

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Public Ruling 1/202
T & C :
More than 50% of the paid-up
capital

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Public Ruling 1/202
T & C :
More than 50% of the nominal
value of the allotted shares

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Public Ruling 1/202
Exemption :
Dormant company