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What can companies do to manage their Transfer Pricing Risks in time of crisis?
In light of the recent outbreak of Covid-19, which is now known as a global pandemic threat, has jeopardized businesses significantly across
the globe. Businesses of various industries are expected to lose billions of revenues.
In a digitalised era, businesses can develop an active and sustained engagement in a market jurisdiction, beyond the mere conclusion of
sales, without necessarily investing in local infrastructure and operations. Hence, the allocation of taxing rights can no longer be
exclusively circumscribed by reference to physical presence.
Singapore Compulsory Transfer Pricing Documentation and Non-Compliance Penalties
Singapore introduced compulsory transfer pricing documentation effective from the year of assessment (YA) 2019. A new penalty regime was
also included for non-compliance with the TP documentation requirements.
Did you know that Malaysia increased penalties for taxpayers that do not prepare Transfer Pricing Documentation?
On 15 December 2019, the Malaysian Inland Revenue Board (“IRB”) issued the updated Tax Audit Frameworks including Transfer Pricing (“TP”)
Audit Framework 2019. The updated tax audit frameworks take effect from 15 December 2019.
Transfer Pricing IRAS Update - Indicative margins for related party loan
Inland Revenue Authority of Singapore (“IRAS”) has introduced the indicative margins for related party loans since the past few years
whereby the indicative margins are updated at the beginning of each calendar year.