New requirement: Malaysian Inland Revenue Board ("MIRB") issues form on cross border related party transactions to taxpayers

Tax Insights ()

The MIRB has started to issue a form (MNE 1/2011) on cross border related party transactions to selected taxpayers with effect from 12th July 2011.

Specific information required on the form includes:

  • name of companies' related parties
  • global corporate structure
  • details of all cross border related party transactions
  • ffinancial transactions including loans, guarantee fees etc
  • iintangibles such as royalty/license fees, all other payments for use of intangible property