The Ministry of Finance has issued a critical directive to all Financial Institutions (FIs), emphasising the need for strict adherence to the “Measures for Financial Institutions to Implement Joint Reporting and Due Diligence Operations” on 24 May, 2024. This initiative is designed to bolster international tax transparency and facilitate the seamless exchange of financial account information with global partners.
Under the Common Reporting Standards (CRS) compliance guidelines set by international organisations, the Ministry mandates that regional tax agencies conduct annual inspections of FIs.
These inspections, based on risk assessments, are aimed at identifying and rectifying any compliance gaps.
