Malaysia signs tax compliance agreement with US

Shahar (pic) said with recent developments in the international tax system, the significant improvement on transparency and exchange of tax information practices between jurisdictions means that countries are now moving towards greater collaboration, especially in addressing the issue of tax evasion and tax avoidance.

KUALA LUMPUR: Malaysia has joined 113 countries in implementing the Foreign Account Tax Compliance Act (FATCA), after signing an agreement with the United States.

FATCA is an initiative by the United States to improve the practice on exchange of information on tax matters, especially on United States citizens.