Transfer Pricing is a complex tax area. This video gives a brief overview of what is Transfer Pricing, and what would trigger your need to see advice from a transfer pricing specialist on behalf of your client.
We currently perform a significant amount of work for second tier/suburban accounting and law firms on a regular basis; those that have no experience with transfer pricing themselves but that want to service their clients and avoid your client using larger firms and potentially losing them.
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The Malaysian Finance Bill 2020 incorporates transfer pricing-related changes to the current Income Tax Act, 1967 (“ITA”). The changes permit significantly greater authority to the Malaysia Inland Revenue Board (“MIRB”) and re-emphasises the importance of transfer pricing compliance, with effect from 1 January 2021.
Thec Covid-19 pandemic has triggered the most severe recession and is causing enormous damage to the world economy. The economic downturn will impact a group’s transfer prices, analysis and documentation, more so with the BEPS Action Plans in place and the high level of transfer pricing scrutiny across the globe.
JobKeeper forms part of taxable income in the tax return. Makes sense, it is a subsidy against wages, so I am sure there are no surprises there, but how do you assess the arm’s length financial outcomes of the entity for transfer pricing purposes?