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It addresses tax evasion, tax havens, offshore financial centres, tax information exchange agreements, double taxation and money laundering. In 2000, the Forum published a blacklist of 35 tax havens, which by 2009 had shrunk to zero. It has since focused on increasing the standard for exchange of information.
The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
On 22 October 2008, at an OECD meeting in Paris, 17 countries led by France and Germany decided to draw up a new blacklist of tax havens. It had been asked to investigate around 40 new tax havens where undeclared revenue was hidden and which hosted many of the non-regulated hedge funds that came under fire during the financial crisis of 2007–08.
The European Union tax haven blacklist, officially the EU list of non-cooperative tax jurisdictions, is a tool of the European Union (EU) that lists tax havens. It is used by the Member States to tackle external risks of tax abuse and unfair tax competition .
U.S. tax inversions – A "sense-check" of a tax haven is whether individuals or entities redomicile themselves into a lower tax jurisdiction to legally avoid high US corporate tax rates, and additionally because of the advantage for a multinational company to be based in a territorial tax regime such as Ireland.
Income Tax Bill 1967: Member(s) in charge: Ng Kam Poh, Assistant Minister of Finance: First reading: 28 August 1967: Second reading: 29 August 1967: Third reading: 29 August 1967: Amended by; Income Tax (Amendment) Act 1967 [Act 77/1967] Income Tax (Transitional Provisions) Order 1968 [P.U. 144/1968] Income Tax (Amendment) Act 1969 [Act A13]
Royal Malaysian Customs Department (RMCD) role is to: Collect national revenue in the form of taxes and customs duties consisting of import duty, export duty, excise duty, sales tax, service tax, extraordinary profit levy, vehicle levy, departure levy, non-tax revenue, state revenue/trust money and tourism tax.
Many tax incentives simply remove part or of the burden of the tax from business transactions. In Malaysia, the corporate tax rate is now capped at 25%. Nevertheless, a company eligible for a certain tax incentive might only pay an average effective tax rate of 7.5%, with only 30% of the company's profit being subjected to tax.