Updates on the additional disclosure of information on controlled transactions in Form C for YA 2022

The Inland Revenue Board (IRB) has recently updated the Corporate Income Tax Return (Form C) for year of assessment (YA) 2022. One of the key changes relates to companies engaging in transfer pricing arrangements whereby the disclosure items have expanded considerably to cover new areas, among others, stating the characterization of your company by reference to its functional profile, business restructuring undertaken by the group during the year, whether your company performs any research and development activities, own any intellectual properties, engage in cash pooling activities, etc. This new development underpins the increasing scrutinization by the IRB on taxpayers engaging in transfer pricing arrangements. At the very least, the information gathered through this form filling process helps the authorities to identify companies with higher transfer pricing risks for selection of a tax audit.

In this live webinar, our Tax Executive Director, Song Sylvia will share with you:

• What are these new changes about and how do they affect your transfer pricing arrangements?
• How do you ensure the information required are completed accurately and correctly in the Form C for YA 2022?