Earn up to 4.35% p.a. for 4 months on your newly opened OCBC Booster Account/-i during the promotional period.
Promotional period: 15 May 2024 – 28 January 2025.
Terms and conditions apply.
Our purpose is to help individuals and businesses achieve their aspirations by providing innovative financial services that meet their needs today and tomorrow.
Achieve your goals with proper financial planning.Common Reporting Standard (CRS) is a global framework for countries that participate in it to share account information of non-residents. Malaysia is a participating country and financial institutions in Malaysia must report account information of non-residents to the Inland Revenue Board of Malaysia (LHDN). LHDN will then forward the information to the countries of residence of these accountholders, if those countries participate in the CRS. At the same time, LHDN will receive information from other participating countries on information of Malaysian residents' accounts in those participating countries. The objective of this exchange of information is to encourage compliance of participating countries' tax laws by their respective residents and to prevent tax evasion. CRS is a reporting framework and it does not introduce new taxes.
What you need to do?You need to complete the OCBC Self-Certification Form to declare your tax residency(ies) and you may be asked to provide supporting document(s). Click below for the form. Conventional Islamic If you have any further queries regarding the CRS and your tax position, please contact a tax advisor. OCBC Bank is unable to provide tax advice. You may also find useful reference at the website of the Organisation for Economic Co-operation and Development (OECD).
Is OCBC required to comply with CRS? Yes, OCBC is legally required to comply with CRS. Are other bank in Malaysia required to comply with CRS too? Yes, all banks in Malaysia are similarly required by law to comply with CRS. When will CRS be effective in Malaysia? CRS will come into effort in Malaysia on 1st July 2017. What is OCBC Bank required to do?3. I am a Malaysian, why do I need to complete the self-certification form?
OCBC Bank is legally required to establish the tax residency status of all our customers, regardless of their nationalities. You therefore need to complete the self-certification. If the self-certification shows that your only tax residency is in Malaysia, your account details will not be disclosed to LHDN under the CRS.
4. I have provided you with my details. Why are you asking me for supporting documents?
We are required by law to verify the details in your self-certification form. Sometimes, we may ask you for your passport and/or other government-issued documentation to confirm your tax residency.
5. What happens if my tax residency changes?
If there is any change in the information you have provided to us, please inform us immediately so that we can discuss with you whether any action is required. You may need to complete a new self-certification form. If your new tax residency details are not available to us or ascertainable, OCBC Bank may report your account details based on the information available in our records.
6. What happens if I don't provide my tax residency information to OCBC Malaysia?
OCBC Bank is committed to being fully CRS-compliant. OCBC Bank will not open new accounts or offer additional products and services to customers who choose not to comply with the CRS requirements. OCBC Bank may report account details of non-cooperative customers to LHDN.
7. What happens if I don't provide accurate information regarding my tax residency?
The authorities may decide to take actions, and there could be penalties for breaches under the relevant tax laws.
8. How can you reveal my account information without my permission under CRS?
Disclosure under CRS is a legal requirement. Your specific consent is not required for disclosure of your account details to LHDN.
9. I have previously provided my information under Foreign Account Tax Compliance Act (FATCA). Why is OCBC Bank asking me to provide more information under CRS?
CRS and FATCA are separate reporting frameworks. FATCA focuses on tax compliance of US persons, while CRS targets offshore tax compliance of account holders who hold tax residencies in participating countries.
Tax Residency and Declaration1. How is my information reported? OCBC Bank is legally required to report accounts of tax residents of participating countries to LHDN. LHDN will then exchange such information with tax authorities of the relevant participating countries. 2. What information will be reported to the LHDN? The information that will be reported to the tax authorities will include the information provided in the self certification form as well as details of the accounts and products you have with us. 3. If I have a joint account, what is the amount to be reported for me? For reporting purposes, each holder of the joint account is attributed the entire balance or value of the account as well as the entire amounts paid or credited to the joint account. Accordingly, the entire amount in the joint account will be reported for you. 4. Are there situations where there will be withholding of amounts for tax, like in the case of FATCA? No, there is no withholding tax requirement under CRS. Note: OCBC Bank refers to OCBC Bank (Malaysia) Berhad and OCBC Al-Amin Bank Berhad.
