On 2 February 2021, the Inland Revenue Board of Malaysia (IRBM) updated its transfer pricing guidelines including new guidance on submission of transfer pricing documentation and penalties. With the introduction of Section 113B of the ITA1967 which comes into operation on 1 January 2021, the Transfer Pricing Documentation should be made available within 14 days (reduced from 30 days) upon request by the IRBM. This requirement will apply to transfer pricing audit cases which have commenced on or after 1 January 2021.
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