Dear Value Clients and Associates
- We refer to our earlier Alerts #7-2012 and #6-2013 on developments on Transfer Pricing regulations in Malaysia.
- Further to the aforesaid Alerts, we wish to advise that
- The IRB have recently uploaded the sample YA 2014 tax return form for companies (Form C).
- A new Section R4 (Form C Page 14) have been inserted, requiring corporate taxpayers to indicate on the return form whether Transfer Pricing Documentation have been prepared.
- This new requirement is a further development in the IRB’s monitoring of taxpayers’ compliance with Transfer Pricing regulations
- A self-explanatory extract of the YA2014 Guidebook pertinent to Section R4 is provided below for your kind and urgent attention. A copy of the sample YA 2014 Form C is also attached for your reference.
Transfer pricing documentation prepared
If the current transfer pricing documentation is prepared, enter ‘X’ in the box for ‘Yes’.
Enter ‘X’ in the box for ‘No’ if the current transfer pricing documentation has not been prepared or is not relevant.
We strongly urge companies with controlled transactions (i.e. transactions with Related Parties) to ensure that Transfer Pricing documentation are prepared.
Please do not hesitate to contact us should you require clarifications on the above.
18 July 2014