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List of reportable jurisdictions for the Common Reporting Standard (CRS)
Following the enactment of the relevant rules for the Automatic Exchange of Information by the Malaysian Government under the CRS, Malaysian Financial Institutions (FIs) are required to collect financial account information from all non-residents and report information in relation to “reportable jurisdictions”, to the IRB. The IRB will exchange this information with the relevant foreign tax authorities, from 2018.
The IRB has recently published on its website the updated list of Reportable Jurisdictions dated 13 January 2023, which consists of 78 jurisdictions. The new additions to the list include Ghana, Jamaica, Maldives and Peru. Costa Rica however has been removed from the list. The IRB has also confirmed that the due date for the upcoming CRS reporting is 30 June 2023.
Please also be reminded that the first US Foreign Account Tax Compliance Act (FATCA) reporting, covering nine reporting years from 2014 to 2022, will also be due on 30 June 2023. FATCA requires Malaysian FIs to report all financial accounts held by US residents and tax residents to the IRB. The IRB will then transmit the relevant account holder and financial information to the US Inland Revenue Service.
The updated list of Reportable Jurisdictions is available at the following link: CRS List of Reportable Jurisdictions