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| Is preparing transfer pricing documentation essential? Of course!
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Transfer pricing documentation should be made available to the IRB within the following stipulated timeline:
a) Within 30 days for transfer pricing audit case commenced before 1/1/2021.
b) Within 14 days for transfer pricing audit case commenced on or after 1/1/2021.
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It sets out the standards and rules to be applied to the related party transactions (RPTs) for ascertaining arm’s length price as well as the types of records and documentation needed to be maintained by the taxpayers.
Under the guideline, taxpayers are required to prepare transfer pricing documentation at the time the RPTs are entered into. Strictly, TP documentation needs to be ready before the tax return submission.
In order to reinforce the preparation of quality and timely transfer pricing documentation by taxpayers, stricter new penalties are proposed in Budget 2021.
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1) Declaration Of Related Party Transaction & Transfer Pricing Documentation In Form C
2) Budget 2021 Updates On Transfer Pricing Issue
3) Summary Of Contents Of TP Guidelines
4) What Is Transfer Pricing?
5) Meaning Of Control & Associated
6) What Is Related Party?
7) The Arm’s Length Principle
8) Transfer Pricing Methodologies
9) Intragroup Services
10) Intangibles
11) Intragroup Financing
12) Documentations
13) Penalty
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✔ Understand the concept of transfer pricing and the types of transaction between related parties which will have impact on transfer pricing.
✔ Learn different types of transfer pricing methodologies to be applied in determining the transfer price.
✔ Understand under what circumstances that it will be compulsory to prepare full scope transfer pricing documentation and what contents to be included in the documents.
✔ Understand the consequences for not preparing transfer pricing documentation in a timely manner and not able to furnish the documents to Inland Revenue Board within the stipulated timeline. |
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| Date | Time | Language | Platform |
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Date: 15th December 2022 (Thursday)
Time: 2 PM - 6 PM
Language: English
Platform: Zoom
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| YYC is a proud recipient of the Malaysian Brand. |
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YYC Group
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Tel: +6019-368 6868 / +6010-221 5045 / +603-9078 2868
Email : contact@yycadvisors.com
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