New Exchange of Information (“EOI”) Rules

Malaysia has committed to the EOI arrangements under the respective Malaysian Double Tax Agreements (“DTAs”). Rules in relation to the EOI under DTAs have been gazetted under the Income Tax (Exchange of Information) Rules 2011 (“the 2011 Rules”).

With effect as of 1 January 2021, these Rules have been updated vide the Income Tax (Exchange of Information) Rules 2021 (“the 2021 Rules”).

The updates to the Rules are set out below:

The scope of a “bank” has been expanded to include a Labuan company or bank licensed under the Labuan Financial Services and Securities Act 2010 and Labuan Financial Services and Securities Act 2010.
The scope of the 2021 Rules covers (in addition to EOIs under DTAs) EOI under a Tax Information Exchange Agreement, the Convention on Mutual Administrative Assistance in Tax Matters, any bilateral or multilateral tax convention, and any bilateral or multilateral competent authority agreements.

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New Exchange of Information (“EOI”) Rules

The updates to the Rules are set out below:

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