Transfer Pricing: Understanding the Big Changes for This Year’s Tax Season and Beyond

Transfer Pricing Is Going To Get Harder, But There’s No Running Away.

Transfer pricing is something else in the tax space that businesses need to keep in mind, especially with changes made in May last year when the Inland Revenue Board of Malaysia (IRBM) published the Income Tax (Transfer Pricing) Rules 2023 (TPR 2023), which is supposed to be operative from assessment year 2023 and onward.

These changes have signify a notable shift in the LHDN’s approach to transfer pricing compliance, so with the tax season incoming, we dive into this to help you better understand what transfer pricing is and what the new changes mean for businesses for this year’s tax season with: Harvindar Singh, Managing Partner of Harvey & Associates, and Council Member with the Chartered Tax Institute of Malaysia (CTIM).