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On 16 May 2002, the Revenue Department introduced its transfer pricing guidelines in the form of Departmental Instruction (“DI”) No. Paw. 113/2545. The purpose of  the transfer pricing guidelines is to assist taxpayers in setting arm’s-length prices for their transactions with related parties while providing direction to revenue officers in reviewing whether taxpayers’ related party transactions are in compliance with the arm’s-length principle.

The transfer pricing team's trip to Australia has been amazing and productive. 

This time, the Transfer Pricing Solutions team flew from India, Malaysia and Singapore to our Head Office in Mornington, Australia. There were a number of activities/events arranged for us apart from the usual work routine. 

We are so proud to deliver you the good news! Our firm won the prestigious Asia Best Newcomer of the Year award at the ITR Asia Tax Awards 2019. 

International Tax Review (ITR) Asia’s Tax Forum is a leading independent tax forum in the Asia Pacific region. The 14th Asia Tax Forum organised by the International Tax Review, a premier event in the region for taxpayers, officials ad practitioners, will be held in Marina Mandarin Singapore on May 8th and 9th 2019.

Being associated with you makes us proud. Your contribution and your commitment to our work are unmatched. Without you, this journey would have been impossible. Have a happy work anniversary!

From Transfer Pricing Solutions Staff Team 

On 26 December 2017, Malaysia Inland Revenue Board (“IRB”) gazetted the Country-by-Country reporting (“CbCR”) regulations for Labuan entities.

The implementation of CbCR will take effect for the financial year starting on and after 1 January 2017. On 1 January 2019, IRB published CbCR Guidelines for Labuan entities.

ATO released the initial Practical Compliance Guide (PCG) 2017/1that sets out the ATO’s compliance approach to transfer pricing issues related to centralised operating models (known as "hubs") involving procurement, marketing, sales and distribution functions.

Digital transformation has contributed significant changes to the world, changing the nature of the business and the industry value chain, even the way people interact with each other. Intangible Properties ("IPs") have become the main driver of business profits within Multinational Enterprises ("MNEs") especially in the digital economy ecosystem.

"Teamwork makes the dream work!"

Our nominations for 2019 are Australian Transfer Pricing Firm of the Year, Singapore Transfer Pricing Firm of the Year, Asia's Transfer Pricing Practise Leader of the Year - Shannon Smit and Asia's Best Newcomer of the Year - Transfer Pricing Solutions Malaysia

Tax authorities worldwide are increasing their focus on companies involved in commodity transactions as a result of the introduction of new guidance on commodity transactions by the OECD in 2015 and the number of court cases involving companies in the mining industry worldwide.

With the increasing scrutiny from the Australian Taxation Office (“ATO”) in transfer pricing matters over the recent years, the burden and cost of compliance are taking its toll on taxpayers, particularly, the small to medium businesses.