Global forum on transparency and exchange of information for tax purposes. Malaysia 2019 (second round) : peer review report on the exchange of information on request.

This report analyses the implementation of the international standard of transparency and exchange of information on request in Malaysia, including Labuan, the International Business Financial Centre (IBFC) which has a separate financial regulatory and tax regime in Malaysia. It assesses both the legal and regulatory framework as at 30 April 2019 and its operation in practice against the 2016 Terms of Reference, in particular in respect of EOI requests received and sent during the review period from 1 January 2015 to 31 December 2017. The report concludes that Malaysia remains rated overall Largely Compliant with the international standard. In 2014, the Global Forum evaluated Malaysia against the 2010 Terms of Reference for both the legal implementation of the EOIR standard as well as its operation in practice. That evaluation (the 2014 Report) concluded that Malaysia was already overall Largely Compliant with the EOIR standard. This report is reflecting the legal and regulatory framework as at May 2019 Reader’s guide Table of contents Abbreviations and acronyms Executive summary Overview of Malaysia Part A: Availability of information A.1. Legal and beneficial ownership and identity information A.2. Accounting records A.3. Banking information Part B: Access to information B.1. Competent authority’s ability to obtain and provide information B.2. Notification requirements, rights and safeguards Part C: Exchanging information C.1. Exchange of information mechanisms C.2. Exchange of information mechanisms with all relevant partners C.3. Confidentiality C.4. Rights and safeguards of taxpayers and third parties C.5. Requesting and providing information in an effective manner Annex 1: List of in-text recommendations Annex 2: List of Malaysia’s EOI mechanisms Annex 3: Methodology for the review Annex 4: Malaysia’s response to the review report