Malaysian intitutions alerted against US FATCA

Malaysian financial institutions were asked to make an impact assessment on the proposed FATCA regulations.

The Foreign Account Tax Compliance Act or FATCA of the US is aimed at foreign financial institutions and other financial intermediaries to prevent tax evasion by US persons through the use of offshore accounts.

As a result, US-based, as well as foreign companies with US assets or clients will be impacted. Local financial companies should update their FATCA implementation plans in the light of these proposed regulations, according to Ernst & Young Tax Consultants Sdn Bhd, Tax Partner, Lee Choong San.

In a statement, he said adequate upfront planning was important to shrink the FATCA implementation task, save valuable IT resources and money as well as minimise disruption to business.

"As it takes time to update IT systems to capture information required for FATCA reporting, it is advisable to start early and devote adequate resources to the FATCA project team," he said.

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