The Finance Bill 2016 was enacted as Finance Act 2017 on 16 January 2017. The enacted Finance Act 2017 reduces the corporate tax for the year of assessment 2017 and 2018. The reduced tax rate will be between 1 and 4 percentage points for companies with a significant increase in taxable income for the year of assessment 2017 and 2018. A reduction of the tax rate from 19% to 18% will be applicable for SMEs for taxable income up to RM500,000.
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