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Industry Briefing of Malaysia and Labuan's Progress Towards OECD's Standard of Transparency and Exchange of Information |
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Wednesday, 15 February 2012 19:38
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LABUAN, Wednesday [15 February 2012] - The Labuan Financial Services Authority (Labuan FSA) in collaboration with the Tax Analysis Division of the Ministry of Finance and the Inland Revenue Board recently organized a briefing for Labuan industry players on the initiatives under the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes (OECD Assessment).
The briefing which was well attended by about 120 participants, shared with the industry the progress of Malaysia towards achieving international standards of transparency as prescribed by the Global Forum (GF), a body within the OECD on transparency of information and the effective exchange of information regarding tax matters.
The industry was also briefed on the outcome of Phase 1 of the OECD Peer Review’s assessment on Malaysia (including Labuan), which was formally adopted at the OECD and G20 Summit late last year. The Peer Review is a grouping set up by the GF.
The report of assessment which was adopted by the GF has confirmed that the availability and access of information, including mechanisms for exchange of information for tax purposes are largely in place in Malaysia (including Labuan). This has allowed Malaysia to move to Phase 2 of the OECD Assessment which will be conducted in the first half of 2013.
The industry was then briefed on the preparation for Phase 2 of the OECD Assessment concerning the implementation of the international standards of transparency and exchange of information, in particular within its legal and regulatory framework and the corresponding requirements.
Encik Ahmad Hizzad Baharuddin, the Director-General of Labuan FSA in his opening remarks said “the tenets of good governance demand that transparency be employed as a means of holding individuals and businesses accountable. Hence in addressing transparency, a collaborative working environment and balanced disclosure of information is crucial. These elements are paramount considering the pervasive cross border activities and the dispersed commercial operations in the environment of globalization and market liberalization.”
The Director-General also reiterated that all stakeholders should embrace the initiatives led by the GF as the success of an international financial centre is dependent on its reputation, derived from both the credibility of the Authority and the legitimacy of businesses being conducted at the centre.
The briefing was well received by the industry as it provided them with an avenue to raise queries regarding the OECD Assessment, especially on the ensuing work under Phase 2.
The full report detailing the Peer Review’s assessment of Malaysia (including Labuan) can be obtained at www.eoi-portal.org.
Labuan Financial Services Authority
15 February 2012.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Corporate Communication & Event Management Unit
Tel: 087- 591200, Fax: 087- 428200
E-mail:
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Website: www.labuanfsa.gov.my
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Last Updated on Tuesday, 27 March 2012 00:33
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