The Malaysian Prime Minister and Minister of Finance Najib Razak announced a cut in Individual and Corporate tax rates in his budget speech in October 10, 2014 though not until 2016.
Individual Tax: The rate of Individual tax rates to be cut by one to three percentage points. Families with monthly income of less than RM4,000 will not have to pay tax
Corporate Tax: The corporate tax rate will be reduced by one percentage point from 25% to 24%, and for small and medium sized enterprises to 19% from 20% and it will be implemented in 2016.
