September 20, 2018
PETALING JAYA – Century Software (M) Sdn Bhd, a wholly-owned subsidiary of Censof Holdings Berhad (“Censof”) announced today that Lembaga Hasil Dalam Negeri Malaysia (LHDNM) portal called HASiL International Data Exchange Facility (HiDEF) Common Reporting Standard (CRS) is now live.
Demands for more standardised levels of tax reporting compliance at the international level have been increasing over the last decade.
Co-operation between tax administrations is critical in the fight against tax evasion and protecting the integrity of tax systems.
A key aspect of that co-operation is exchange of information. The Common Reporting Standard (CRS) contains the due diligence and reporting requirements that are the foundation of automatic exchange.
The CRS is an internationally agreed single global standard for the collection, reporting and exchange of financial accounting information on non-residents.
It contains the due diligence rules that financial institutions need to follow to identify financial accounts held by residents of other jurisdictions and then reports required information to their local tax authority.
This information will then be exchanged with the participating foreign tax authorities of those non-residents.
Financial institutions such as banks and other deposit taking institutions, custodial institutions, investment entities, and specified insurance companies are required to report under the CRS.
“We are excited to reach another milestone in our partnership with LHDNM.
“It has been a pleasure working closely with LHDNM, finding ways to bring the best tax compliance solutions to its customers,” said Ameer Shaik Mydin, Group Managing Director at Censof Holdings Berhad.
Censof Holdings Bhd was established in 2008 and was listed on the Main Market of Bursa Malaysia in 2011 as a technology investment holding company specialising in financial management software solutions.
Since then, Censof has expanded its portfolio of financial services solutions to include e-payment gateway services, training solutions, wealth management software solutions and blockchain technology. For more information, please visit www.censof.com. -Bernama