Common Reporting Standards – Impact in Malaysia and ASEAN

Subject matters : Common Reporting Standards
Jurisdictions : ASEAN, Malaysia
Author/Contributor :

The Common Reporting Standards (“CRS”) aims to enable tax authorities to tackle offshore tax evasion by providing a greater level of information on their residents’ wealth held abroad. As a party to the Convention on Mutual Administrative Assistance in Tax Matters, Malaysia already has laws in place to ensure the strict compliance and enforcement of CRS. Chua Wei Min, Director of ZICO Trust Limited, shares her take on the adoption of CRS in Malaysia, as well as the developments of CRS in other ASEAN jurisdictions.