The Inland Revenue Board of Malaysia (IRBM) issued the Malaysia Transfer Pricing Guidelines 2024 (Malaysia TP Guidelines 2024) on 24 December 2024, bringing significant updates that Malaysian taxpayers need to be aware of. These guidelines are effective from the year of assessment 2023 onwards.
The updates align with the latest amendments to:
- Section 140A of the Income Tax Act (ITA) – addressing transfer pricing adjustment
- Introduction of Section 113B of the ITA – introducing penalties for non-compliance
- Malaysian Transfer Pricing Rules – refining documentation and compliance requirements
