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.
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