Malaysia Publishes CbC Reporting Rules

On 23 December 2016, the Income Tax (Country-by-Country Reporting) Rules 2016 was published in Malaysia's Federal Gazette. The main aspects include:

• The CbC reporting requirement applies for MNE groups meeting an MYR 3 billion consolidated revenue threshold in the previous financial year;
• The content of the CbC report is in line with BEPS Action 13 guidelines;
• The financial information should be in denominated in Malaysian ringgit;
• The report should be filed on an electronic medium or throug…