Unveiling the New Transfer Pricing Rules for 2023

The Inland Revenue Board (IRB) has published the Income Tax (Transfer Pricing) Rules 2023 ("TP Rules 2023") on 29 May 2023. The new TP Rules 2023 addresses a number of key changes in the transfer pricing practice that have an impact to taxpayers in preparing their Transfer Pricing Documentation ("TPD").

Below are some of the key changes introduced in the new Transfer Pricing Rules 2023 in Malaysia:

• TPD must be dated and ready by the tax return filing deadline
• Additional information be included in a TPD
• Redefinition of "Arm's Length Range"
• Adjustment to the Median
• Others

Join us for the latest updates on the new TP rules 2023 by our TP expert.