KUALA LUMPUR: Malaysia’s latest moves to improve compliance with the Organisation for Economic Cooperation (OECD) tax haven rules include making amendments to the Labuan Offshore Business Activity Tax Act 1990 to allow the sharing of information with trading partners.
The OECD with the agreement of the G20 countries had put Malaysia/Labuan, Costa Rica, Uruguay and the Philippines on a list of “non-cooperative jurisdictions, including tax havens” on April 2. Subsequently, Malaysia was removed from the list on April 7.