MALAYSIA: GUIDANCE FOR FATCA COMPLIANCE
The Inland Revenue Board of Malaysia in September 2015 issued guidance concerning the requirements for compliance with an intergovernmental agreement (IGA) to implement the FATCA regime. The FATCA guidance notes provide guidelines and practical information for Malaysian-based financial institutions, businesses, their advisers, and officials dealing with application of the FATCA rules.
he revised guidance notes were issued by the tax authority in Malaysia, following a comment period on previously issued draft guidelines.
Read a September 2015 report [PDF 49 KB] prepared by the KPMG member firm in Malaysia.
According to information provided on the U.S. Treasury Department website, as of 8 September 2015, Malaysia has yet to sign an IGA with the United States, but as of 30 June 2014, Malaysia had reached an agreement “in substance” and consented to being included on the list of jurisdictions that would enter into a Model 1 IGA with the United States.
