What is Contemporaneous TP Documentation?
Updated: Dec 18, 2022
Preparing Contemporaneous Documentation originated in the United States in the early 1990s.
A taxpayer who fails to provide contemporaneous transfer price documentation within 30 days of the Director General's request will be guilty of an offence under section 113B of the Income Tax Act 1967 beginning on 1 January 2021.
Upon conviction, the taxpayer is subject to fines of not less than RM20,000 and not more than RM100,000 or to imprisonment for a term not exceeding six months or to both.
The taxpayer may file an appeal with the Special Commissioners of Income Tax when fines are imposed without prosecution [s 113B(5)].
同期转让定价文件的准备，于20世纪90年代初起源于美国。
从2021年1月1日开始，纳税人如果未能在税收局总监要求的30天内提供同期转让定价文件，在1967年所得税法令第113B条下，属于一项罪行。
一经定罪，该纳税人将被处以不少于20,000令吉和不超过100,000令吉的罚款，或被处以不超过6个月的监禁，或两者兼施。
在不起诉的情况下而被判处罚款，纳税人可以向所得税特别专员提出上诉。