Section 86Q
Regulations to implement international tax compliance agreements etc.
(1)
The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, make regulations for, or in connection with, giving effect to or enabling effect to be given to —
(a)
an international tax compliance agreement; or
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(b)
any competent authority agreement which may be declared as an international tax compliance agreement under section 86K(1).
(2)
Without prejudice to the generality of subsection (1), regulations under subsection (1) may —
(a)
prescribe anything which may be prescribed under this
Part;
(b)
for the purposes of section 86L, prescribe different descriptions of information, forms and manners of provision of the information, and times and frequencies for the provision of the information, in relation to different international tax compliance agreements, different persons or under different circumstances;
(c)
impose on a person —
(i)
audit requirements for the purpose of determining the extent of compliance by the person with the regulations made under this section, including requiring the person’s internal auditor or appointing another person to carry out an audit, and report the results of the audit to the Collector;
(ii)
due diligence requirements;
(iii)
registration and other requirements; and
(iv)
a requirement that the person inform the Collector if the person wishes to authorise another person to perform any requirement under section 86L(1) or sub-paragraphs (i), (ii) and (iii) on behalf of the person, being requirements that —
(A)
are required or permitted to be imposed under an international tax compliance agreement on any person to whom the agreement applies; or
(B)
may facilitate the implementation of any future competent authority agreement which may be
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declared as an international tax compliance agreement under section 86K(1);
(d)
provide that a contravention of any specified provision is an offence;
(e)
enable the Collector to appoint another person to carry out an audit for the purpose of determining the extent of compliance by a person with the regulations made under this section; and
(f)
contain incidental, transitional or savings provisions.
(3)
Regulations under subsection (1) may give force of law to any provision of an international tax compliance agreement, whether with or without any modification.