1. Corporations will be given power to supersede foreign governments. Those governments can be sued for taking any action that could potentially hurt their profits.
2. The authorities can legally censor the internet as they please. They are already doing that to some extent already but when the bill passes this will increase tenfold.
3. The internet will be regulated to "channels", in a manner akin to cable TV, with only the biggest websites and internet providers remaining independent. All smaller websites and providers will be subsequently absorbed by the bigger ones.
All of these infringe on basic communication rights on the Internet, and are only made to benefit large corporations and large countries, turning small countries into factory outlets.