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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.
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.
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.
In addition, non-habitual residents (NHRs) status holders do not benefit from personal income tax exemption on interests, dividends, capital gains, income from immovable property (rents), royalties, intellectual property income and business income) if: these are sourced from black-listed jurisdictions. [19]
The Income Tax Act 1967, in its current form (1 January 2006), consists of 10 Parts containing 156 sections and 9 schedules (including 77 amendments). Part I: Preliminary Part II: Imposition and General Characteristics of the Tax
Income tax is generally collected in one of two ways: through withholding of tax at source and/or through payments directly by taxpayers. Nearly all jurisdictions require those paying employees or nonresidents to withhold income tax from such payments. The amount to be withheld is a fixed percentage where the tax itself is at a fixed rate.
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 .