Financial transparency is the new global standard. The
Organisation for Economic Co-operation and Development's (OECD)
CRS has expanded the scope of cross-border financial account
disclosure originally introduced by the US Foreign Account Tax
Compliance Act (FATCA). In order to counter attempts of CRS
avoidance, the OECD recently published the Mandatory Disclosure
Rules (MDRs) that provide the basis on which CRS Avoidance
Arrangements are required to be disclosed and later exchanged with
relevant foreign tax authorities.
With Malaysia as a fully committed member of the CRS
Multilateral Competent Authority Agreement, extensive measures are
being put in place to facilitate this exchange of financial
information. This session will discuss the above global initiatives
with emphasis on MDR provisions and developments surrounding the US
FATCA, as well as updates on Malaysia's adoption of CRS.
