Malaysia's Secretary General of the Treasury, Wan Abdul Aziz Wan Abdullah, and Qatar's Director of Public Revenues and Taxes, Moftah Jassim Al-Moftah, have signed, in Kuala Lumpur, a protocol to their countries' existing double taxation agreement (DTA).
The protocol incorporates the internationally-agreed Organization for Economic Cooperation and Development's standard for exchange of information into the standing DTA.
The protocol will therefore give the tax authorities of both countries a greater ability to exchange taxpayer information on a wider range of taxes. They will also provide that a tax authority cannot refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.
The signing of the protocol was said to demonstrate the commitment of both Malaysia and Qatar to tax information transparency.
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The protocol incorporates the internationally-agreed Organization for Economic Cooperation and Development's standard for exchange of information into the standing DTA.
The protocol will therefore give the tax authorities of both countries a greater ability to exchange taxpayer information on a wider range of taxes. They will also provide that a tax authority cannot refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.
The signing of the protocol was said to demonstrate the commitment of both Malaysia and Qatar to tax information transparency.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.