The Malaysian House of Representatives has completed the first reading of the Finance Bill 2016, which includes measures from the 2017 Budget ({News-2016-10-25/P/4- previous coverage}). The Finance Bill also includes new penalties in relation to the late filing of Country-by-Country (CbC) reports and the filing of incorrect returns, information returns, or reports that omit required information. In such cases of non-compliance, a person will be liable to a fine of between MYR 20,000 and 100,000, imprisonment for a term of up to six months, or both. Malaysia's CbC reporting requirements are expected to be finalized by the end of 2016...