ARTICLE
27 December 2018

Common Reporting Standards (CRS): An Overview And Global Update (Video)

LI
Labuan IBFC Inc

Contributor

Labuan International Business and Financial Centre (Labuan IBFC), Malaysia, through our internationally recognised yet business-friendly legal framework, is the preferred international business and financial centre in Asia. Labuan IBFC is a midshore jurisdiction regulated by the Labuan Financial Services Authority (Labuan FSA), statutory Regulator under the purview of the Ministry of Finance, Malaysia
Financial transparency is the new global standard.
Malaysia Tax

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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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