The Multilateral Competent Authority Agreement lays the foundation for the international operational framework for automatic exchange, seen as the pre-eminent instrument for facilitating its rapid implementation. Malaysia is the 79th jurisdiction to sign the Agreement.
Many jurisdictions are now updating domestic legislation to ensure that financial institutions report information on financial assets held by non-residents. Financial information is already being collected in many jurisdictions for automatic exchange between authorities in 2017.
The Global Forum has established a real-time monitoring process to track delivery of commitments made and to identify areas where support is needed. It has also begun assessing confidentiality standards and data safeguards in all committed jurisdictions and is working to ensure automatic exchange of information is being implemented effectively around the world.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.