Foreign Account Tax Compliance Act (FATCA)

The content provides information regarding the FATCA which requires Financial Institutions outside United States (US) to provide information regarding their customers who are US persons to the US Internal Revenue Service.

The content covers the following:

• background • Malaysia-US Intergovernmental Agreement (IGA)

• Guidance Notes on Compliance Requirements for Malaysia-US IGA

• FATCA Registration, and • FATCA Data Transmission.

Further details can be obtained here.

Common Reporting Standard (CRS) for the Automatic Exchange of Financial Account Information

The content provides information on the CRS which allows the viagra en suisse Inland Revenue Board (IRB) to exchange financial account information on non-residents collected by Malaysian financial institutions with the participating foreign tax authorities.

The content covers the following:

• background

• legislation

• list of participating jurisdictions

• reporting, and

• tax residency.

Further details can be obtained here.

Source: IRB website, 29 December 2016 and 9 January 2017