Malaysia Signs Tax Compliance Agreement With US To Share Info On Tax Evaders
Author Avatar

Malaysia has signed a tax compliance agreement with the United States, joining 113 countries in implementing the Foreign Account Tax Compliance Act (FATCA). FATCA is an initiative by the US aimed at facilitating the exchange of information on tax matters, especially on US citizens.

The Ministry of Finance Malaysia revealed that the enactment of FACTA came following the conclusion of an intergovernmental agreement signed on 21 July. The signing of the agreement between treasury secretary-general Datuk Asri Hamidon and US ambassador Brian McFeeters took place virtually in the presence of Deputy Finance Minister II Mohd Shahar Abdullah.

According to Shahar, the recent developments in the international tax system, significant improvement on transparency, and exchange of tax information practices between jurisdictions mean that countries are now moving towards greater collaboration. This is especially in the case of addressing tax evasion and tax avoidance.

(Image: FMT)

Meanwhile, McFeeters said that the implementation of FATCA was one of the historic moments in Malaysia-US bilateral relations. He also expressed appreciation for the efforts in the compliance aspect made by Malaysian banking institutions, which demonstrate excellence as world-class institutions.

“The conclusion of this agreement shows the close relationship that has long been established between the two countries,” the finance ministry said in its statement. The ministry also added that the agreement would pave way to a more comprehensive bilateral tax agreement which would further benefit the taxpayers of Malaysia and the US.

(Source: The Star, Malay Mail)

1 5 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
The RinggitPlus Team
- 10th August 2022
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Astro 4K Ultra HD Broadcast To Be Available For Subscription By The End of This Year
Brian Chung
- 14th August 2018
By the end of 2018, Astro customers will be able to watch football matches in Ultra HD. Read on to know more about the 4k Ultra HD service.
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Best High Interest Savings Accounts In Malaysia (May 2022)
Pang Tun Yau
- 31st May 2022
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image