Malaysia Gazettes Regulations on FATCA Obligations for Reporting Financial Institutions, Labuan Businesses

The Malaysian Official Gazette Sept. 1 published Regulations No. PU(A)279 and PU(A)280, on reporting obligations under the U.S. Foreign Account Tax Compliance Act (FATCA) for reporting financial institutions and Labuan businesses. The regulations include measures: 1) explaining due diligence procedures for the financial institutions; 2) clarifying a deadline of June 30, 2023, for submitting FATCA reports for the reporting years between 2014 and 2022 and reporting of payments made to non-participating financial institutions for the financial years 2015 and 2016; 3) clarifying the annual reportable deadline of June 30 for subsequent years to submit reports under the FATCA; 4) clarifying ...