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11 November 2016

Malaysia announces 2017 budget

Malaysia announced its 2017 budget (the Budget) on October 21. Key proposals include significant changes to the withholding tax rules, a temporary reduction of corporate income tax rates in certain circumstances, penalty provisions for failure to submit Country-by-Country (CbC) reports, and an increase in stamp duty rate for transfer of real estate valued above RM1 million (approximately US$240,000). In addition, it is confirmed that the 6% Goods and Services Tax (GST) rate will be retained.

A Tax Alert prepared by Ernst & Young's Global Tax Desk Network, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-1938

Document ID: 2016-1938

 

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