Significant proposals in the finance bill relate to the corporate income tax rate, the withholding tax on offshore services, the scope of royalties and CbC reporting.
Malaysia’s Finance Bill 2016 was released on 26 October 2016, following the 2017 budget speech from the prime minister and minister of finance on 21 October 2017. The finance bill includes a number of significant proposals,
including several that were not announced in the budget: a reduction of the corporate income tax rate in certain cases, the re-imposition of withholding tax on offshore services, an expansion of the scope of royalties and the introduction of CbC reporting in line with the OECD recommendations for financial years beginning on or after 1 January 2017. The bill must be passed by Malaysia’s House of Representatives and Senate, receive royal assent from the king and be
published in the official gazette as the finance act before it is enacted.
Source & more info: Deloitte