With increasing scrutiny, transfer pricing audits are becoming more common. Failure to comply with documentation requirements can lead to significant penalties.
The IRBM has recently issued a Frequently Asked Questions to address the questions taxpayers and tax professionals regarding the Transfer Pricing Surcharge.
The recently announced Singapore Budget 2024 tabled by Deputy Prime Minister and Finance Minister, Mr. Lawrence Wong on 16 February 2024.
Malaysia taxpayers will be required to include the date on which their contemporaneous TP documentation is completed from YA 2023.
Be prepared for potential transfer pricing audits by tax authorities. Ensure that your transfer pricing documentation is readily available, organized, and easily accessible.