On 15 January 2019, the Inland Revenue Board of Malaysia (“IRBM”) updated the List of Reportable Jurisdictions under the Common Reporting Standard (“CRS”) (Link). The new list includes 63 countries.
Malaysian Financial Institutions (“MYFI”) are required to collect financial account information from all non-residents and report to IRBM those information relating to the Reportable Jurisdictions according to the timeline as stated on the CRS information webpage (Link).
To ensure that MYFIs are ready to submit the information relating to the reportable jurisdictions within the timeline, MYFIs are advised to prepare the report of all participating jurisdictions and not only the reportable jurisdictions.
The initial List of Reportable Jurisdictions was published on 15 January 2018. This list will be updated again on 30 June 2019, for reporting to IRBM in 2019. For 2020 reporting onwards, the list will be updated on 15 January and 31 May each year.