Be prepared for potential transfer pricing audits by tax authorities. Ensure that your transfer pricing documentation is readily available, organized, and easily accessible.
There is an increasing focus on transfer pricing documentation for intragroup loans in Malaysia. Tax authorities expect comprehensive documentation that demonstrates the arm's length.
In Singapore Taxpayers are required to review and update your transfer pricing documentation annually to ensure its accuracy and relevance.
The submission of corporate tax returns dateline in Singapore is around the corner with most companies having to submit their tax return by 30 November 2023.
TNMM is a widely used transfer pricing method by tax authorities and multinational companies because it is considered to provide a more accurate outlook of the profitability.
PSM is generally used when there is significant value contributed by each party to the transaction and should be resorted to when it has
been difficult to determine an arm's length.