Media

Income Tax (Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information) Order 2016
The abovementioned Order provides the arrangements made by the Government of Malaysia and other governments that have signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information with regards to exchanging information relevant to taxation.

Income Tax (Automatic Exchange of Financial Account Information) Rules 2016
The abovementioned Rules covers, among others, the due diligence obligations of a Reporting Financial Institution, allowable modifications to the due diligence procedures, reporting obligations of a Reporting Financial Institution, record keeping requirements, appointment of a third party to carry out the obligations, powers of the Director General and anti-avoidance provisions.

The abovementioned Rules came into operation on 1 January 2017.

Income Tax (Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports) Order 2016
The abovementioned Order provides the arrangements made by the Government of Malaysia and other governments that have signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbCR) with regards to exchanging information relevant to taxation.

Income Tax (Country-by-Country Reporting) Rules 2016
The abovementioned Rules covers, among others, the conditions that require a multinational corporation group to perform CbCR, details that should be reported in a CbCR, filing obligations, time for filing as well as use and confidentiality of the CbCR information.

The abovementioned Rules came into operation on 1 January 2017.

Source: Federal Gazette Portal of the Attorney General’s Chambers, 23 December 2016