In Malaysia, the Inland Revenue Board (IRBM) conducts tax audits under the self-assessment system to ensure compliance with tax laws. For taxpayers involved in related-party transactions, the IRBM initiates a Transfer Pricing Audit (TP Audit) to verify compliance with transfer pricing regulations, including Section 140A of the Income Tax Act 1967, the Income Tax (Transfer Pricing) Rules 2023, and the Malaysian Transfer Pricing Guidelines 2024.
Originally Published by Crowe Malaysia, on 17 January 2025
