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Deferment of the reporting deadline for the US Foreign Account Tax Compliance Act (FATCA)
The US FATCA aims to reduce tax evasion by US persons and affects Financial Institutions (FIs) worldwide. FIs outside the US are required to provide information on their clients who are US persons, to the US Inland Revenue Service (US IRS). The US has developed Inter-Governmental Agreement (IGA) models as tools to facilitate the FIs’ compliance with FATCA. Malaysia reached an agreement with the US on a Model 1 IGA, where reporting Malaysia-based FIs will provide the IRB with the account information of US persons. The IRB will then exchange such information with the US IRS (see Tax Alert No. 7/2015).
The IRB has recently announced on its website that the date for submitting the 2014 to 2022 reportable information and/or nil returns has been deferred to 2023.