Retail Banking and Wealth Management – Malaysia
To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (“the CRS”) and we’d like to help you understand what it means for you.
Under the CRS, we are required to determine where you are “tax resident” (this will usually be where you are liable to pay income or corporate taxes). We will base this on information we have already or we may ask you for additional details.
If you are a tax resident outside the country where you bank then we may be required to provide details, including information relating to your accounts, to the national tax authority in the country where the account is held. They may then share that information with the tax authority of the country (or countries) where you are tax resident.
What do you need to do?
Malaysia will participate in the CRS from 1 January 2017. Don't worry, we will contact you nearer the time if you are affected and will confirm what you need to do to make sure that we correctly identify where you are tax resident.
If you have any questions regarding Malaysian tax residency, please refer to the rules governing the Residence Status of Individuals (132KB, PDF) and the Residence Status of Companies and Bodies of Persons (103KB, PDF) that have been published by the Malaysian tax authorities. For other jurisdictions, you may refer to the OECD CRS portal tax residency pages. If you have any specific questions regarding your tax residency, please contact a professional tax adviser, as we are unable to provide tax advice. You may also find useful guidance on the OECD CRS portal.
Page last updated November 2016