KUALA LUMPUR, July 22 — Malaysia and the United States have strengthened bilateral tax relations with the implementation of the Foreign Account Tax Compliance Act , said the Ministry of Finance .
The agreement between the Malaysian and US governments was signed by Treasury Secretary-General Datuk Asri Hamidon and US Ambassador to Malaysia Brian McFeeters which took place simultaneously in Putrajaya and Kuala Lumpur, in the presence of Deputy Finance Minister II Mohd Shahar Abdullah. In addition, the ministry said the implementation of FATCA was a success as a result of a series of discussions between the two countries based on the need to have a more effective mechanism to facilitate the exchange of information.
In the Malaysian context, the MoF said the initiative was complementary to efforts made through participation in international forums led by the Organisation for Economic Cooperation and Development to further enhance transparency in taxation based on best practices.
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