In a quick reaction to being blacklisted by Organisation for Economic Co-operation and Development ("OECD") on 3 April 2009, the Malaysian government quickly intervened by agreeing to provide full commitment to exchange information to the OECD’s internationally agreed tax standards.
For a moment, Malaysia was made famous by the non-compliance on tax standards.
What a relief! How could we have missed such a major compliance issue when almost every single country has agreed to it except for the unfortunate four which includes Malaysia.
Let's move on with the new Prime Minister and new Cabinet in place now. The economy is virtually hanging around -1% to 0.5% economic growth. Any more negative news about the new government due to their failure will certainly cause more economic downfall.
Reading: Malaysia off the OECD blacklist - Star
Related post - Malaysia Blacklisted by World Body
Tags: Organisation for Economic Co-operation and Development, OECD, Malaysia