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Transfer pricing (TP) is a term used to describe inter-company pricing arrangements relating to transactions between related entities. These can include transfers of intellectual property, tangible goods, services, and loans or other financing transactions.
Such inter-company transactions, domestically and across borders, are growing rapidly and are becoming much more complex. Compliance with the differing requirements of multiple overlapping tax jurisdictions is a complicated and time-consuming task.
At the same time, tax authorities both local and regional, are imposing stricter penalties, mandatory documentation requirements, increased information exchange and carrying out intensive audits. In Malaysia, increased compliance obligations mean companies need to keep abreast with Transfer Pricing developments.
Whatever your transfer pricing needs, our dedicated Transfer Pricing professionals are ready to work with you.
With the ever-increasing scrutiny of transfer pricing activity by tax authorities worldwide, we can assist you in the development of tax-efficient structures that help increase compliance with local country requirements, prepare for audit response, resolve transfer pricing disputes and decrease transfer pricing exposure in future periods.
Tax audits and investigations are the primary activities being undertaken by the Malaysian Inland Revenue Board (“MIRB”) in ensuring a high level of compliance under the Self - Assessment System.
A tax audit is an examination performed by the MIRB on a taxpayer’s business records and financial affairs to ascertain that the right amount of income is declared and the right amount of tax is calculated and paid in accordance with tax laws and regulations.
Generally, there are two types of tax audit being performed by the MIRB, namely the desk audit and the field audit.
Tax investigation on the other hand is a more severe enforcement measure undertaken by the MIRB.
Generally, the objective of a tax investigation is similar to a tax audit but is carried out should there be a suspicion by the MIRB based on any precise and definite evidence to show that the taxpayer has deliberately avoided taxes or committed an act of willful evasion under the tax laws. As tax audit or investigation is an intensive process which is time consuming and may require additional resources, it is important that this process is handled with great care to ensure a desirable outcome is achieved.
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The assessment of the potential tax exposure, development of defence strategies and the negotiation process are critical factors influencing the direction and outcome of the tax field audit or investigation.
Failure to deal with the tax field audit or investigation could result in unexpected and excessive liabilities and not to mention, a diversion of company's resources.
So why not plan for this and act now for a favourable outcome?
Our services include the following:
In addition to our tax audit and investigation assistance services, our team also provides tax litigation defence support:-