Certain tax compliance deadlines that have been extended in response to the coronavirus (COVID-19) pandemic include postponement of the deadline for submitting country-by-country (CbC) reports.
CbC reports that were either due 31 March 2020 or 30 April 2020 are now due 15 May 2020. The same deadline will apply for CbC notifications.
Preparation for transfer pricing audit
While business taxpayers have recently focused on their business operations in light of the government’s order that limits population movement—a response to the coronavirus (COVID-19) pandemic—they must not forget the requirements to comply with statutory tax requirements, including the transfer pricing rules.
It is expected that once normal business operations resume, the Malaysian Inland Revenue Board will also resume its efforts to enforce the transfer pricing rules and regulations.
The KPMG member firm in Malaysia has prepared a March 2020 report [PDF 477 KB] that looks at how taxpayers can prepare for possible future transfer pricing audits, and that addresses questions such as:
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