The Budget for 2007 was presented to the parliament by the prime minister on 1 September 2006. Details of the Budget, which unless otherwise indicated will apply from the year of assessment 2007, are summarized below. (a) Corporate income tax rate. The company income tax rate will be reduced to 27% for the year of assessment 2007. The top rate for small and medium scale companies (paid-up capital not exceeding MYR 2.5 million) will also be reduced to 27% for income exceeding MYR 500,000. It was also announced that the tax rate would be further reduced to 26% from the...