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Budget 2024 Highlights, E-Invoice and Transfer Simple TP Documentation Prepartion & Allowable Deductions

INTRODUCTION

Every year the tax system goes through various changes focusing of the national objective for the budgeted year.

Transfer Pricing has turned out to be an alarming global topic in recent years due to more and more scrutiny over the tax practices of companies within the group. The Finance Act 2020 introduced enhanced penalties and measures, reflecting the IRB’s seriousness in ensuring taxpayer’s compliance with the TP legislations.

Companies whose (1) turnover exceed RM50m and having RM15m of related parties’ transactions OR having financial assistance of more than RM50m are required to prepared FULL TP DOCUMENTS, whereas others who do not meet the threshold are required to prepare a SIMPLE TP DOCUMENTS.

Failure to have TP DOCUMENTS will (1) end up with a fine of between RM20,000 to RM100,000 or an imprisonment up to 6 months or both. Furthermore, if during the LHDN audit and make any adjustments to the tax, you will have no document to defend, and any adjustment will be subject to a 5% surcharge regardless where there is additional tax to be paid or not

This Course Include

CONTACT INFORMATION

COURSE OBJECTIVES

The objectives of this training workshop are to help participants to:

  • Enhance the understanding of the various tax implications, incentives, grants and financing benefits introduced in the 2024 budget.
  • Understand the Transfer Pricing Concept
  • Learn the procedural contents on how to prepare the Simple Transfer Pricing Requirements.
  • Gain knowledge on what is deducted under various sections of the ITA.
  • Enhance your tax planning effectiveness.
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About Author
Willaim Wright

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ATTENTION!!!

In line with the announcement from the Ministry of Finance in October 2023, we wish to inform you about an upcoming changes in the Sales and Service Tax (SST) rate in Malaysia.

Effective March 1, 2024, the SST rate will be increased from 6% to 8%. As a result of this adjustment, there will be changes in the pricing of our training services provided by CF Learning Services Sdn Bhd starting March 2024 onwards.

We understand the importance of transparent communication and aim to minimize any inconvenience this may cause. If you have any questions or concerns regarding this change, please do not hesitate to reach out to our customer service team.

Thank you for your continued support and understanding.