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Transfer pricing fundamentals 101
Do You Know the Importance of Transfer Pricing?
Do You Know, what are the criteria to prepare
TP documentation?
Join Now to understand more about Transfer Pricing!
What is Transfer Pricing (TP)?
Business transactions are divided into 【Related-party transactions】 and 【Independent transactions】
>【Related-party Transactions】 occur when transactions are being carried out between two parties who are joined by a pre-existing business relationship or common interest, including transactions between the parent company and its subsidiaries.
>【Independent Transactions】 refers to the general transaction with the market.
In short, transfer pricing is used to determine costs when related parties were required to transact between one and another.
🙅♂️ Transfer price should not differ much from the market price.
🙅♂️ Thus, you are obliged to prove that there aren't any price gap when transactions were being made between related party.
How should you prove it？
In order to prove that the transfer price is within the arm's length price, it is necessary for you
to prepare 【Transfer Pricing Documentation】 for authorities' review purpose to ensure fairness and accuracy of transfer pricing among related entities!!
You Will Learn:
- The importance of【Transfer Pricing】？
- What are the criteria to prepare Transfer Pricing Documentation?
- What will happen if you do not prepare Transfer Pricing Documentation?
-
Identify real case study
Note: Penalty for failure to furnish transfer pricing documentation!!
In 【The 2021 Budget】, Malaysia government have proposed stern rules over Transfer Pricing penalties and one of the notable ones falls on the Malaysian TP Guidelines where TP documentation must be submitted within 14 days instead of 30 days.
Section 113B ：
Where a company fails to furnish TP Documentation upon request by the IRB, the taxpayer may be subject to a fine of between RM20,000 and RM100,000（commenced on 1 January 2021）
About the Speaker
JEREMY TAN
YYC Transfer Pricing Consultant
ACTIM, BSc Bus. & Mgmt. (Oxford Brookes)
✅Associate Member of the Chartered Tax Institute of Malaysia (CTIM)
✅Involved in tax compliance and tax advisory works for more than 14 years in various industries ranging from manufacturing, trading (retail & business services), Airlines, education, investment holding, investment dealing, automotive, healthcare, agriculture, property developer and etc
✅Active in giving transfer pricing & tax related talks and seminars
✅Work in Big 4 & Mid-Tier Firm acquiring wide exposure range in corporate tax planning and advisory services for local SMEs as well as cross-border clients dealing with international taxation laws & regulations
✅Topics of expertise include transfer pricing, company tax planning, personal tax planning, tax investigation, Malaysian annual budget analysis, latest tax developments and other tax related topics
【Transfer Pricing Fundamentals 101】
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