The Malaysia Digital Economy Corporation (MDEC), which oversees that Multimedia Super Corridor (MSC) Malaysia initiative, has issued a release announcing that new legislation and guidelines for the MSC Malaysia tax incentives are currently being reviewed by the Government in order to comply with the minimum standards under BEPS Action 5. In particular, the incentives will be amended so that the exemption for intellectual property (IP) income will require the modified nexus approach, while the exemption for non-IP income will be subject to substantial activity requirements. To comply with timelines imposed, the release notes that no new approvals will be granted...